How to Mint USDe

Minting USDe is the process of sending backing assets to the Ethena protocol in exchange for USDe

Users can mint USDe with Ethena through our UI or via our API.

Using the UI, the mint USDe user workflow for whitelisted approved participant market makers is:

1. The user requests to mint USDe via our dApp interface by selecting a backing asset, such as stETH, entering the amount of stETH they wish to use for minting, and viewing the amount of USDe to to receive.

2. If the user agrees with the amount of USDe, the user is able to click the "Mint" button which pops up their selected wallet to sign an EIP712 style signature specifying the backing asset, backing amount, and USDe amount they will receive.

3. After the user signs the transaction with their wallet, Ethena validates the request & submits the transaction to the blockchain.

4. Upon successful confirmation of the transaction, the user's chosen backing asset, such as stETH, is atomically swapped for the agreed amount of USDe.

Using the UI, the non-whitelisted users are able to exchange stablecoins for USDe via accessing external liquidity pools available via our UI:

1. The user requests to buy USDe via our dApp interface by selecting a stablecoin asset to exchange for USDe.

2. This transaction is routed using MEV protection through CowSwap to various onchain liquidity pools in exchange for USDe.

3. This abstracts away the complexity for all users allowing stablecoins as an input asset, and causes small imbalances in the onchain AMM pools which triggers an opportunity for market makers to proceed with the mint workflow outlined below.