USDe is an emerging synthetic dollar stablecoin developed by Ethena Labs, designed to offer a decentralized, scalable, and censorship-resistant stablecoin solution. This article will provide a detailed explanation of USDe's mechanism, sources of income, and how it maintains stability through a delta hedging strategy and a mint-redeem mechanism. It will also explore the various earning models of USDe, including USDe mining and flexible savings, as well as its potential for providing passive income.