Ethena USDe(USDE)

Token Price$1

24h Change-0.017%

All Time HighDec 9, 2025$1.03

All Time LowOct 3, 2024$0.93

Key Metrics

$4.597b

4.599b USDE

Volume 24h$23.12m

CEX Volume$8.92m

DEX Volume$14.66m

Risks

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

Maximum possible exposure to USDE

$1.195b

$316.15m (max additional borrows against USDE) + $879.12m (bad debt if USDE was hacked now)

Aave V3

$812.83m at-risk exposure = $564.32m bad debt if hacked + $248.52m additional borrowable against USDE

Morpho V1

$349.69m at-risk exposure = $314.79m bad debt if hacked + $34.9m additional borrowable against USDE

Fluid

$25.76m at-risk exposure = $72.69 bad debt if hacked + $25.76m additional borrowable against USDE

Tydro

$4.47m at-risk exposure = -- bad debt if hacked + $4.47m additional borrowable against USDE

Euler V2

$1.84m at-risk exposure = $7,902.85 bad debt if hacked + $1.83m additional borrowable against USDE

Venus Core Pool

$673,972.01 at-risk exposure = $104.66 bad debt if hacked + $673,867.35 additional borrowable against USDE

Lista Lending

$46 at-risk exposure = $0 bad debt if hacked + $46 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	$246.97m	$564.32m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$34.88m	$314.65m
Fluid	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$25.66m	$68.13
Tydro	Ink	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$4.47m	—
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$1.82m	$7,901.59
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$884,448.9	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,867.35	$104.66
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$666,567.88	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$102,338.53	$4.56
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$17,940.98	$146,688.08

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Rows per page

Markets

Loading USDE markets...

Token Usage

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Yields

Showing 10 of 30 pools

Pool	Reference	Protocol
1 sUSDeStaked USDe	USDe	Ethena USDe	$1.298b	5.07%	Stable 94	11,832
2 aEthUSDeAave Ethereum USDe	USDe	Aave V3	$630.27m	4.75%0.76%+3.99%	Stable 75	1,701
3 aPlaUSDeAave Plasma USDe	USDe	Aave V3	$432.43m	4.75%0.72%+4.03%	Stable 79
4 USDeEthena Market	USDe	Kamino Lend	$265.08m	0.00%	Stable 100
5 aMonUSDeAave Monad USDe	USDe	Aave V3	$88.41m	5.76%0.33%+5.43%	Stable 89	50
6 srUSDeStrata Senior USDe	USDe	Strata Markets🪂	$22.45m	3.96%	Stable 95	2,469
7 aManUSDeAave Mantle USDe	USDe	Aave V3	$14.53m	4.75%0.02%+4.73%	Stable 85
8 ctUSDeConcrete-USDe-Vault	USDe	Concrete🪂	$13.44m	0.00%	Stable 100	239
9 jrUSDeStrata Junior USDe	USDe	Strata Markets🪂	$7.27m	7.48%	Stable 83	732
10 USDePlus	USDe	Aave V4	$5.07m	6.29%3.24%+3.05%	Mixed 57	0

Page 1 of 3

Borrow

Showing 10 of 74 routes

Use USDEBorrow USDE

Collateral / Borrow	Protocol
1 USDe / tsUSDeStable Pool	EVAA Protocol	+3.93%	4.18%	0.26%	$30,983	94%
2 USDe / GHOPlus / Ethena Ecosystem	Aave V4	+3.71%	6.29%3.24%+3.05%	2.58%	$24,238	93%
3 USDe / tsUSDeMain Pool	EVAA Protocol	+2.89%	3.58%	0.69%	$60,720	70%
4 USDe / BTC.b	Aave V3	+2.87%	3.14%	0.27%	$940,036	70%
5 USDe / WBTC	Dolomite	+2.73%	2.78%	0.05%	$626,754	83.33%
6 USDe / WETH	Dolomite	+2.63%	2.78%	0.15%	$688,571	83.33%
7 USDe / USDCPlus / Ethena Ecosystem	Aave V4	+2.56%	6.29%3.24%+3.05%	3.73%	$713,715	93%
8 USDe / USDTPlus / Ethena Ecosystem	Aave V4	+2.52%	6.29%3.24%+3.05%	3.77%	$680,883	93%
9 USDe / frxUSDPlus / Ethena Ecosystem	Aave V4	+2.34%	6.29%3.24%+3.05%	3.95%	$14,045	93%
10 USDe / DOGE	Venus Core Pool	+1.90%	1.90%	0.00%	$241,562	70%

Page 1 of 8

Protocol	Chain
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$246.97m	$564.32m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$34.88m	$314.65m
Fluid	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$25.66m	$68.13
Tydro	Ink	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$4.47m	—
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$1.82m	$7,901.59
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$884,448.9	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,867.35	$104.66
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$666,567.88	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$102,338.53	$4.56
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$17,940.98	$146,688.08