24h Change+0.0032%
All Time HighJan 29, 2025$1.29
All Time LowApr 3, 2024$1.01
Market Cap$1.707b
Fully Diluted Valuation$1.708b
Circ. Supply1.383b SUSDE
CEX Volume$0
DEX Volume$27.61m
How much debt can be issued against SUSDE as collateral across lending protocols.
Maximum possible exposure to SUSDE
$492.06m
$162.14m (max additional borrows against SUSDE) + $329.93m (bad debt if SUSDE was hacked now)
Aave V3
$294.4m at-risk exposure = $196.46m bad debt if hacked + $97.94m additional borrowable against SUSDE
Fluid
$29.1m at-risk exposure = $2.46m bad debt if hacked + $26.64m additional borrowable against SUSDE
Tydro
$22.26m at-risk exposure = -- bad debt if hacked + $22.26m additional borrowable against SUSDE
Morpho V1
$118.36m at-risk exposure = $106.46m bad debt if hacked + $11.9m additional borrowable against SUSDE
Venus Core Pool
$2.89m at-risk exposure = $371,702 bad debt if hacked + $2.51m additional borrowable against SUSDE
Lista Lending
$17.99m at-risk exposure = $17.25m bad debt if hacked + $741,937 additional borrowable against SUSDE
Euler V2
$7.06m at-risk exposure = $6.93m bad debt if hacked + $128,447 additional borrowable against SUSDE
HyperLend Pooled
$2,645 at-risk exposure = -- bad debt if hacked + $2,645 additional borrowable against SUSDE
Showing collateral exposure for SUSDE on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for SUSDE as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
sUSDe0x9d39a5de30e57443bff2a8307a4256c8797a3497 | $96.87m | $196.46m | ||
sUSDe0x9d39a5de30e57443bff2a8307a4256c8797a3497 | $25.25m | $2.4m | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $22.26m | — | ||
sUSDe0x9d39a5de30e57443bff2a8307a4256c8797a3497 | $11.9m | $106.43m | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $2.51m | $371,702 | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $1.1m | $935.2 | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $1.07m | — | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $741,937 | $17.25m | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $273,512 | $52,420 | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $83,957 | $9.43 |
Risk-management actions published about SUSDE by tracked risk managers and governance contributors, newest first.
The staking ratio declined to 39.74% as new USDe was minted, while TVL on Aave and Pendle stabilized after scheduled maturity expiries. The 30-day average APY held steady near 4.0%, primarily driven by DeFi lending rates.
The sUSDe staking ratio fell from 58% to 44% as redemptions during the post-rsETH incident period fell disproportionately on staked positions. The unstaking cooldown was also dynamically reduced from 7 days to 1.
sUSDe experienced a -15% drawdown during the April 18–20 market stress event, contributing to the broader -20.6% decline in tracked stablecoin deposits YTD.
Recommendation to redirect accrued and future USDtb interest from the overcapitalized Reserve Fund to sUSDe holders, as additional yield accrual provides diminishing risk benefits while sUSDe bears the backing strategy exposure.
USDe backing has shifted from 93% perpetual futures in early 2025 to just 11% today, with 89% in liquid stablecoins that are immediately available for redemptions. This improved liquidity profile justifies a dynamic cooldown of 1-7 days for sUSDe unstaking, replacing the fixed 7-day period to better match current asset characteristics.
sUSDe staking ratio rose to 57.96% with $3.528 billion supply, delivering a competitive 3.59% APY amid falling market yields, and seeing strong DeFi usage with $1.001B supplied on Aave, $134.2M on Morpho, and $434.76M TVL in Pendle markets for May 2026 maturity. Yield generation from funding rates, staking, and liquid stables supports protocol revenue stability.
sUSDe, a yield-bearing version of USDe, has proven demand as collateral on other Aave instances and is being onboarded to Base to expand high-quality stablecoin options amid the network's growth potential.
sUSDe is excluded from risk-free status as a basis product with funding exposure and venue risks, placing it above the baseline with higher yields compensating for embedded market-making and liquidation mechanics.
sUSDe, Ethena's staked yield-bearing wrapper, tracks $1 but shows principal volatility in stress with small secondary market discounts; yields from delta-hedged perps are regime-dependent, compressing in risk-off periods despite insurance funds absorbing drawdowns. It sits between cash+ like AaveUSDC and riskier MM vaults on the spectrum.
Yield-bearing stablecoins like sUSDe are distinguished from payment stablecoins, allowing yields through DeFi lending or vaults but facing ambiguity in the bill's restrictions on issuer-provided incentives.
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Showing 10 of 84 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSDAI-SUSDE | $7.07m | 7.13% | 7.13% | 3.41% | |||||
| open in new tabSUSDE-USDT | $350,281 | 24.18% | 0% | 34.96% | |||||
| open in new tabOPAL-SUSDE-MERKL-B | 🪂 | $239,934 | 15.05% | 15.05% | 9.59% | ||||
| open in new tabUSD3-SUSDE | $132,422 | 9.75% | 1.99% | 10.35% | |||||
| open in new tabUSD3-SUSDECurve | $73,282 | 9.04% | 2.07% | 9.64% | |||||
| open in new tabOPAL-SUSDE-MERKL-PLASMA-A | 🪂 | $51,154 | 14.73% | 14.73% | 9.83% | ||||
| open in new tabSUSD-SUSDE | $32,328 | 12.11% | 0.41% | 0.74% | |||||
| open in new tabSUSD-SUSDEConvex | $29,264 | 12.40% | 0.75% | ||||||
| open in new tabTSUSDEFor buying PT tsUSDe-30JUN2026 | 🪂 | $13,521 | 8.25% | 8.25% | 10.03% | ||||
| open in new tabSUSDE-USDCCL - 1 | 🪂 | $11,285 | 412% | 0% | 412% | 285% |
Showing 10 of 1760 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabTSUSDE ➞ DOGE | 🪂 | $6.14m | 0.01% | 0.01% | 0% | 92% | $54,501 | $2,909 | |
| open in new tabTSUSDE ➞ USDT | 🪂 | $522,828 | 0.91% | 0.01% | 0.97% | 92% | $54,501 | $2,909 | |
| open in new tabSUSDE âžž USDT | $522,828 | 0.81% | 0% | 0.97% | 83.33% | $26,771 | $0 | ||
| open in new tabSUSDE âžž USDT | $522,828 | 0.78% | 0% | 0.97% | 80% | $735,530 | $1,156 | ||
| open in new tabSUSDE âžž USDT | $522,828 | 0.78% | 0% | 0.97% | 80% | $99,383 | $0 | ||
| open in new tabSUSDE âžž USDT | $522,828 | 0.73% | 0% | 0.97% | 75% | $1.59m | $0 | ||
| open in new tabSUSDE âžž USDT | $522,828 | 0.73% | 0% | 0.97% | 75% | $23,684 | $0 | ||
| open in new tabTSUSDE ➞ USDT | 🪂 | $522,828 | 0.69% | 0.01% | 0.97% | 70% | $67,776 | $2,601 | |
| open in new tabSUSDE âžž USDT | $522,828 | 0.68% | 0% | 0.97% | 70% | $28,442 | $0 | ||
| open in new tabSUSDE âžž USDT | $522,828 | 0.58% | 0% | 0.97% | 60% | $15,909 | $0 |
