Ethena USDe(USDE)

Token Price$1+0.04%over 24h

All Time HighDec 9, 2025$1.03

All Time LowOct 3, 2024$0.93

Key Metrics

Market Cap$4.594b

Fully Diluted Valuation$4.594b

Circ. Supply4.596b USDE

Volume 24h$9.27m

CEX$9.18m

Spot$9.16m

USD Perp$28,122

COIN Perp$0

DEX$91,359

Spot$8,594

USD Perp$82,765

COIN Perp$0

Open Interest$1.12m

CEX$415,528

USD Perp$415,528

COIN PerpN/A

DEX$703,895

USD Perp$703,895

COIN PerpN/A

Website X/Twitter

Categories:RWA Stablecoins

Risks

How much debt can be issued against USDE as collateral across lending protocols.

Maximum possible exposure to USDE

$716.69m

$85.87m (max additional borrows against USDE) + $630.82m (bad debt if USDE was hacked now)

Morpho V1

$439.16m at-risk exposure = $395.81m bad debt if hacked + $43.35m additional borrowable against USDE

Aave V3

$276.17m at-risk exposure = $234.98m bad debt if hacked + $41.2m additional borrowable against USDE

Venus Core Pool

$673,818 at-risk exposure = $93.96 bad debt if hacked + $673,724 additional borrowable against USDE

Euler V2

$582,905 at-risk exposure = $5,147 bad debt if hacked + $577,758 additional borrowable against USDE

Fluid

$100,144 at-risk exposure = $28,968 bad debt if hacked + $71,176 additional borrowable against USDE

Methodology and limitations

Showing collateral exposure for USDE 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.

These metrics describe lending exposure only and are not a full protocol risk rating.
This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.

Show exposure details

Each row is one protocol-chain exposure for USDE as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.

Protocol	Chain
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$40.06m	$234.98m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$37.12m	$339.65m
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$6.23m	$56.16m
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,724	$93.96
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$655,973	—
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$576,243	$5,146
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$482,111	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$71,176	$28,968
Euler V2	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$1,509	$0.85
Morpho V1	Arbitrum	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$22.74	$11.38

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Markets

Loading USDE markets...

Token Usage

Token usage needs a subscription

Liquidations

Token liquidations need a subscription

Yields

Showing 10 of 72 pools

Pool	Reference	Protocol
1 sUSDeStaked USDe	USDe	Ethena USDe	$1.183b	4.94%	Stable 97	12,171
2 aPlaUSDeAave Plasma USDe	USDe	Aave V3	$637.29m	0.28%	Stable 87
3 reUSDRe Protocol Deposit Token	reUSD	Re	$335.83m	6.88%	Stable 98	892
4 aEthUSDeAave Ethereum USDe	USDe	Aave V3	$264.31m	0.25%	Stable 75	1,721
5 aMonUSDeAave Monad USDe	USDe	Aave V3	$117.24m	1.03%0.03%+1.00%	Stable 96	69
6 USDeEthena Market	USDe	Kamino Lend	$51.87m	0.00%	Stable 100
7 FRAXUSDeFRAXUSDe	FRAX-USDe	Curve DEX	$34.04m	2.88%<0.01%+2.87%	Stable 92	77
8 FRAXUSDeFRAXUSDe	FRAX-USDe	Convex Finance	$33.93m	4.16%0.01%+4.15%	Stable 94	77
9 aManUSDeAave Mantle USDe	USDe	Aave V3	$32.77m	<0.01%	Mixed 51
10 reUSDeRe Protocol reUSDe	reUSDe	Re	$30.04m	11.84%	Stable 99	553

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Borrow

Showing 10 of 63 routes

Use USDEBorrow USDE

Collateral / Borrow	Protocol
1 USDe / wstETH	Dolomite	+7.53%	7.66%	0.13%	$16,609	86.96%
2 USDe / weETH	Dolomite	+7.45%	7.66%	0.22%	$123,156	86.96%
3 USDe / UNI	Dolomite	+7.38%	7.66%	0.29%	$2.71m	86.96%
4 USDe / rETH	Dolomite	+6.48%	7.66%	1.18%	$40,244	86.96%
5 USDe / LINK	Dolomite	+6.15%	7.66%	1.52%	$782,682	86.96%
6 USDe / WBTC	Dolomite	+5.09%	7.66%	2.57%	$2.47m	86.96%
7 USDe / BTC.b	Aave V3	+4.69%	4.92%1.24%+3.67%	0.22%	$3.92m	70%
8 USDe / WETH	Dolomite	+4.01%	7.66%	3.66%	$669,608	86.96%
9 USDe / WETH.e	Aave V3	+3.42%	4.92%1.24%+3.67%	1.50%	$16.24m	70%
10 USDe / USDT0	Fluid Lending	+2.70%	9.07%	6.36%	$71,194	94%

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Protocol	Chain
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$40.06m	$234.98m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$37.12m	$339.65m
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$6.23m	$56.16m
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,724	$93.96
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$655,973	—
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$576,243	$5,146
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$482,111	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$71,176	$28,968
Euler V2	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$1,509	$0.85
Morpho V1	Arbitrum	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$22.74	$11.38