contributor@Omagoforum.skyeco.com
→sUSDS Market Share YTD 2026 Research
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.
Overview
Ethena Staked USDe(SUSDE)
Token Price$1.23
24h Change-0.25%
All Time HighJan 29, 2025$1.29
All Time LowApr 3, 2024$1.01
Key Metrics
Market Cap$1.732b
Fully Diluted Valuation$1.732b
Circ. Supply1.406b SUSDE
Volume 24h$7.9m
CEX Volume$0
DEX Volume$8.73m
Risks
How much debt can be issued against SUSDE as collateral across lending protocols.
Maximum possible exposure to SUSDE
$558.45m
$172.16m (max additional borrows against SUSDE) + $386.3m (bad debt if SUSDE was hacked now)
Aave V3
$308.25m at-risk exposure = $191.47m bad debt if hacked + $116.78m additional borrowable against SUSDE
Fluid
$28.23m at-risk exposure = $2.18m bad debt if hacked + $26.06m additional borrowable against SUSDE
Morpho V1
$174.15m at-risk exposure = $157.23m bad debt if hacked + $16.92m additional borrowable against SUSDE
Tydro
$7.14m at-risk exposure = -- bad debt if hacked + $7.14m additional borrowable against SUSDE
Lista Lending
$30.73m at-risk exposure = $28.1m bad debt if hacked + $2.63m additional borrowable against SUSDE
Venus Core Pool
$2.89m at-risk exposure = $392,227 bad debt if hacked + $2.49m additional borrowable against SUSDE
Euler V2
$7.07m at-risk exposure = $6.93m bad debt if hacked + $134,900 additional borrowable against SUSDE
HyperLend Pooled
$2,633 at-risk exposure = -- bad debt if hacked + $2,633 additional borrowable against SUSDE
Methodology and limitations
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.
- 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 SUSDE as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
sUSDe0x9d39a5de30e57443bff2a8307a4256c8797a3497 | $115.71m | $191.47m | ||
sUSDe0x9d39a5de30e57443bff2a8307a4256c8797a3497 | $24.68m | $2.11m | ||
sUSDe0x9d39a5de30e57443bff2a8307a4256c8797a3497 | $16.91m | $157.2m | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $7.14m | — | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $2.63m | $28.1m | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $2.49m | $392,227 | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $1.09m | $11,539 | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $1.07m | — | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $273,366 | $51,562 | ||
sUSDe0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2 | $103,538 | $9.43 |
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Risk Timeline
Risk-management actions published about SUSDE by tracked risk managers and governance contributors, newest first.
risk managerLlama Riskgov.ethenafoundation.com
→Ethena Reserve Fund March 2026 Update
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.
contributor@EthenaLabs_Researchgov.ethenafoundation.com
↑Adopt Dynamic Cooldown for sUSDe Unstaking
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.
contributor@BlockworksAdvisorygov.ethenafoundation.com
→Ethena January-February 2026 Governance Update
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.
contributor@ACIgovernance.aave.com
↑Onboard sUSDe and USDe to Aave V3 Base
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.
risk managerChaos Labschaoslabs.xyz
→Yield as a Risk Signal: Part III
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.
risk managerChaos Labschaoslabs.xyz
→Yield as a Risk Signal: Part II
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.
risk managerChaos Labschaoslabs.xyz
→US Crypto Market Structure: A Quiet Bill With Loud Consequences
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.
risk managerLlama Riskgov.ethenafoundation.com
→Ethena's December 2025 Governance Update
sUSDe staking ratio hit 55.25% of USDe supply, delivering a competitive 5.1% APY amid market conditions; significant DeFi integration with $656M+ supplied on Aave and high TVL in Pendle yield markets underscores strong adoption without solvency concerns.
risk managerGauntletforum.euler.finance
↓Offboard Low Demand Tokens from Euler L2s
sUSDe supply on Arbitrum is $2.5K, under $100K threshold, indicating minimal usage and dormant risk.
Token Usage
An is required to view token usage.
Liquidations
An is required to view token liquidations.
Yields
Showing 10 of 85 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabMPT-SUSDE | $3.37m | 6.52% | 6.52% | 12.98% | |||||
| open in new tabSUSDE-USDCCL - 1 | $2.26m | 85.17% | 0% | 15432% | |||||
| open in new tabSCRVUSD-SUSDE | $1.36m | 6.07% | 3.60% | 5.82% | |||||
| open in new tabSCRVUSD-SUSDECurve | $636,081 | 6.21% | 3.85% | 6.01% | |||||
| open in new tabCRVUSD-SUSDEConvex | $375,841 | 5.94% | 6.22% | ||||||
| open in new tabUSD3-SUSDE | $142,966 | 9.34% | 2.21% | 12.45% | |||||
| open in new tabCRVUSD-SUSDECurve | $128,852 | 6.94% | 2.67% | 7.10% | |||||
| open in new tabUSD3-SUSDECurve | $76,045 | 9.00% | 2.55% | 11.61% | |||||
| open in new tabSUSDE-USDCCL - 1 | 🪂 | $53,672 | 18.63% | 0% | 18.63% | 32.33% | |||
| open in new tabTSUSDEFor buying PT tsUSDe-30JUN2026 | 🪂 | $13,265 | 8.78% | 8.78% | 15.16% |
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Borrow
Showing 10 of 2002 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSUSDE âžž DOGE | $6.61m | 0% | 0% | 0% | 80% | $1.1m | $1,152 | ||
| open in new tabSUSDE âžž DOGE | $6.61m | 0% | 0% | 0% | 75% | $1.59m | $0 | ||
| open in new tabSUSDE âžž DOGE | $6.61m | 0% | 0% | 0% | 80% | $99,206 | $0 | ||
| open in new tabTSUSDE ➞ DOGE | 🪂 | $6.61m | 0% | 0% | 0% | 70% | $69,616 | $1,736 | |
| open in new tabTSUSDE ➞ DOGE | 🪂 | $6.61m | 0% | 0% | 0% | 92% | $59,862 | $1,553 | |
| open in new tabSUSDE âžž DOGE | $6.61m | 0% | 0% | 0% | 70% | $28,356 | $0 | ||
| open in new tabSUSDE âžž DOGE | $6.61m | 0% | 0% | 0% | 83.33% | $26,733 | $0 | ||
| open in new tabSUSDE âžž TRX | $842,415 | 0% | 0% | 0% | 80% | $1.1m | $1,152 | ||
| open in new tabSUSDE âžž SAVAX | $111,599 | 0% | 0% | 0% | 80% | $1.1m | $1,152 | ||
| open in new tabSUSDE âžž CASH | $47,946 | 0% | 0% | 0% | 80% | $1.1m | $1,152 |
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