What is USDe?
USDe is a synthetic, dollar-denominated asset issued by Ethena. USDe is backed with cryptoassets and corresponding short future positions and derives its relative peg stability from executing delta-neutral hedges against protocol-held backing assets.
What is Kraken offering?
We offer a standard 3.5% APY on USDe with a boosted rate of 4.25% APY available for a limited time to eligible Kraken+ subscribers.
A few things worth knowing about how it works:
Opt in to Auto Earn and you’ll start earning on USDe immediately; 3.5% APY as standard, or 4.25% APY with a Kraken+ subscription
USDe remains fully tradable and withdrawable at any time
No lockup periods apply
Holding idle USD or other stablecoins?
Converting to USDe on Kraken takes just a few taps. Opt into Auto Earn and your capital starts working right away at up to 4.25% APY with Kraken+.
How to get started
USDe rewards are available to eligible customers on Kraken and Kraken Pro. Simply opt in to Auto Earn, hold USDe in your Kraken account and rewards will begin accruing immediately.
Geo restrictions apply. Rewards rates are determined and paid out by Kraken in its sole discretion and are subject to change. Due to its partnership with Ethena, Kraken receives an economic benefit with respect to amounts of USDe held on platform. 3.5% promotional APY for all users and 4.25% promotional APY for Kraken+ users until 30/06/26; rates are indicative and may vary. From 30/06/26, the APY changes to our standard variable rate (currently up to 1.75% for all users, up to 3.5% APY with Kraken+). T&Cs apply.
Kraken+ is an automatically renewing subscription requiring recurring payments. Cancel anytime. Price is inclusive of applicable taxes (i.e., VAT) where required. In other regions, the price shown does not include taxes, which will be added at the time of purchase where applicable. Subscription benefits vary by region and may be modified by Kraken at any time upon notice. Zero-fee trading is subject to monthly trading-volume limits, which can be viewed in your account settings. Spread and payment processing fees still apply. Boosted USDG Rewards, including the Rewards rate, is subject to change and is not available in all regions. See our Terms of Service for more info. Other fees may apply.
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