Ethena (USDe) and sUSDe: taxation of the yield stablecoin

Ethena is one of the most innovative DeFi projects of 2024-2025. Its USDe stablecoin is not backed by traditional dollars in custody, but by a delta-hedging strategy: long ETH/BTC collateral + short perpetual futures position. This generates a historically positive "funding yield rate".

The mechanism: how USDe works

1. You deposit ETH or stETH → Ethena opens an equivalent short in perpetuals (Bybit, Binance, OKX).
2. The collateral is custodian off-exchange.
3. The funding rate of shorts (normally positive in bullish markets) generates the yield of USDe.

The result: USDe maintains its peg of 1 USD and generates returns that in some periods have exceeded 30% APY.

sUSDe: USDe staking

By staking USDe, you receive sUSDe (similar to how stETH works on Lido).

• sUSDe is a token that increases in value relative to USDe over time.
• You do not receive periodic payments; performance is reflected in the sUSDe/USDe exchange rate.

Taxation in Spain: layer by layer

Layer 1: USDe Minting (mint)

• You deposit ETH → you receive USDe.
• This is a transmission of ETH at market price.
• Difference between cost of ETH and value of USDe received = capital gain/loss.

Layer 2: Staking USDe → sUSDe

• You deposit USDe → you receive sUSDe.
• Possibly another transmission: USDe as an asset other than sUSDe.
• Profit/loss: difference between value of sUSDe received and cost of USDe.

Layer 3: The yield within sUSDe

• The yield is "embedded" in the price of sUSDe. There is no explicit distribution.
• When withdrawing sUSDe → USDe, you receive more USDe than what you deposited.
• Tax treatment: The difference would be return on capital or capital gain depending on whether it is equated to a zero-coupon bond or a trading asset.

Layer 4: sUSDe Withdrawal and Transaction

• When selling sUSDe in the market → sale price vs acquisition cost = capital gain/loss.

ENA: the governance token

ENA is the governance token of Ethena. If you receive ENA from airdrops or farming:

• Initial airdrop: market value at the time of receipt → capital gain (general basis).
• Farming: return on movable capital.
• Subsequent sale of ENA: capital gain/loss for the difference with respect to the acquisition cost.

Ethena's yield: is it sustainable?

Important for tax planning: Ethena's yield can be negative in bear markets (when the funding rate is negative). In that case, the value of sUSDe may fall below the amount of USDe deposited → capital loss.

This creates planning opportunities: crystallizing losses in years when funding turns negative.

Recommended accounting record

Updated: April 2026 | Fiscal year: 2025