Ethena USDe(USDE)

Token Price$1-0.01%over 24h

All Time HighDec 9, 2025$1.03

All Time LowOct 3, 2024$0.93

Key Metrics

Market Cap$4.931b

Fully Diluted Valuation$4.898b

Circ. Supply4.934b USDE

Volume 24h$10.04m

CEX$9.91m

Spot$9.85m

USD Perp$66,229

COIN Perp$0

DEX$127,248

Spot$118,251

USD Perp$8,997

COIN Perp$0

Open Interest$867,704

CEX$392,434

USD Perp$392,434

COIN Perp—

DEX$475,269

USD Perp$475,269

COIN Perp—

Website X/Twitter

Category:Stablecoins

Risks

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

Maximum possible exposure to USDE

$1.082b

$198.4m (max additional borrows against USDE) + $883.82m (bad debt if USDE was hacked now)

Aave V3

$674.58m at-risk exposure = $524.85m bad debt if hacked + $149.73m additional borrowable against USDE

Morpho V1

$406.46m at-risk exposure = $358.93m bad debt if hacked + $47.53m additional borrowable against USDE

Venus Core Pool

$673,665 at-risk exposure = $81.47 bad debt if hacked + $673,583 additional borrowable against USDE

Euler V2

$456,820 at-risk exposure = $5,504 bad debt if hacked + $451,316 additional borrowable against USDE

Fluid

$42,720 at-risk exposure = $36,476 bad debt if hacked + $6,244 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	$148.84m	$524.85m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$42.14m	$323.83m
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$5.39m	$35.1m
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$877,121	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,583	$81.47
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$449,801	$5,504
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$11,714	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$6,244	$36,407
Euler V2	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$1,509	$0
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 79 pools

Pool	Reference	Protocol
1 sUSDeStaked USDe	USDe	Ethena USDe	$1.203b	+$59.31m	5.00%	—	Stable 97	12,431
2 aEthUSDeAave Ethereum USDe	USDe	Aave V3	$585.92m	+$364.67m	0.21%	—	Stable 78	1,759
3 aPlaUSDeAave Plasma USDe	USDe	Aave V3	$539.07m	-$41.26m	0.26%	—	Stable 93	—
4 reUSDRe Protocol Deposit Token	reUSD	Re	$360.7m	+$4.7m	6.86%	—	Stable 99	912
5 aMonUSDeAave Monad USDe	USDe	Aave V3	$112.54m	-$16.36m	1.01%0.07%+0.95%	—	Stable 89	84
6 USDeCore	USDe	Aave V4	$91.51m	—	0.00%	—	Stable 100	—
7 aXlrUSDeAave XLayer USDe	USDe	Aave V3	$40.17m	+$16.56m	0.00%	—	Stable 100	101
8 FRAXUSDeFRAXUSDe	FRAX-USDe	Curve DEX	$33.98m	—	2.88%0.02%+2.86%	—	Stable 92	84
9 FRAXUSDeFRAXUSDe	FRAX-USDe	Convex Finance	$33.9m	—	4.13%0.02%+4.12%	—	Stable 92	84
10 USDePlus	USDe	Aave V4	$29.87m	—	4.79%0.02%+4.77%	—	Stable 70	0

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Borrow

Showing 10 of 65 routes

Use USDEBorrow USDE

Collateral / Borrow	Protocol
1 USDe / wstETH	Dolomite	+6.61%	6.75%	0.14%	$11,825	86.96%
2 USDe / weETH	Dolomite	+6.61%	6.75%	0.14%	$90,415	86.96%
3 USDe / UNI	Dolomite	+6.60%	6.75%	0.15%	$2.8m	86.96%
4 USDe / rETH	Dolomite	+5.51%	6.75%	1.24%	$29,350	86.96%
5 USDe / LINK	Dolomite	+5.24%	6.75%	1.51%	$628,280	86.96%
6 USDe / WBTC	Dolomite	+4.49%	6.75%	2.27%	$2.57m	86.96%
7 USDe / WETH	Dolomite	+2.96%	6.75%	3.79%	$853,156	86.96%
8 USDe / BTC.b	Aave V3	+2.14%	2.28%0.43%+1.85%	0.15%	$3.49m	70%
9 USDe / WBTC	Dolomite	+1.98%	2.03%	0.05%	$662,645	83.33%
10 USDe / DOGE	Venus Core Pool	+1.69%	1.69%	0.00%	$186,812	70%

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Protocol	Chain
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$148.84m	$524.85m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$42.14m	$323.83m
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$5.39m	$35.1m
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$877,121	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,583	$81.47
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$449,801	$5,504
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$11,714	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$6,244	$36,407
Euler V2	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$1,509	$0
Morpho V1	Arbitrum	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$22.74	$11.38