Overview
Ethena USDe(USDE)
Token Price$1
24h Change+0.0051%
All Time HighDec 9, 2025$1.03
All Time LowOct 4, 2024$0.93
Key Metrics
Market Cap$3.884b
Fully Diluted Valuation$3.884b
Circ. Supply3.885b USDE
Volume 24h$199.87m
CEX Volume$24.05m
DEX Volume$177.83m
Income Statement for Ethena USDe
| Q3 2026* | Q2 2026 | |
|---|---|---|
Gross Protocol Revenue | $0 | $0 |
Cost of Revenue | $0 | $0 |
Gross Profit | $0 | $0 |
Earnings | $0 | $0 |
Risks
How much debt can be issued against USDE as collateral across lending protocols.
Maximum possible exposure to USDE
$808.28m
$94.88m (max additional borrows against USDE) + $713.4m (bad debt if USDE was hacked now)
Morpho V1
$243.75m at-risk exposure = $217.25m bad debt if hacked + $26.49m additional borrowable against USDE
Fluid
$23.04m at-risk exposure = $4,744 bad debt if hacked + $23.03m additional borrowable against USDE
Euler V2
$15.42m at-risk exposure = -- bad debt if hacked + $15.42m additional borrowable against USDE
Tydro
$14.28m at-risk exposure = -- bad debt if hacked + $14.28m additional borrowable against USDE
Aave V3
$510.33m at-risk exposure = $496.14m bad debt if hacked + $14.19m additional borrowable against USDE
Venus Core Pool
$1.47m at-risk exposure = $80.48 bad debt if hacked + $1.47m additional borrowable against USDE
Lista Lending
$81.05 at-risk exposure = $15.52 bad debt if hacked + $65.53 additional borrowable against USDE
Methodology and limitations
Showing collateral exposure for USDE on onchain. Max Borrowableuses 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 | |||
|---|---|---|---|---|
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $26.47m | $217.11m | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $22.94m | $67.4 | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $15.37m | — | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $14.28m | — | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $13.3m | $496.14m | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $1.47m | $80.48 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $886,680 | — | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $96,379 | $4,677 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $39,750 | — | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $19,160 | $144,746 |
Markets
Token Usage
An is required to view token usage.
Liquidations
An is required to view token liquidations.
Yields
Showing 10 of 74 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDE-USDC0.01% | $3.04m | 22.30% | 22.30% | 30.89% | |||||
| open in new tabUSDG-USDE | $2.41m | 13.40% | 13.40% | 1.19% | |||||
| open in new tabUSDE-USDT | $1.65m | 15.06% | 15.06% | 2.37% | |||||
| open in new tabKODISAIL.R-USDE | 🪂 | $1.32m | 16.76% | 16.76% | 18.55% | ||||
| open in new tabUSDE-USDC0.00% fee | CL range 0.19% | $621,870 | 11.65% | 11.65% | 13.20% | |||||
| open in new tabUSDE-SUSDE0.01% fee | CL range 0.09% | $251,469 | 12.67% | 12.67% | 4.90% | |||||
| open in new tabUSDEAavEthena Loop Mainnet | 🪂 | $218,660 | 14.97% | 14.97% | 9.32% | ||||
| open in new tabUSDE-USDC0.01% | $203,134 | 94.20% | 94.20% | 65.71% | |||||
| open in new tabUSDT-USDE | $124,033 | 10.53% | 0.52% | 8.38% | |||||
| open in new tabOUSD-USDECurve | $15,408 | 9.63% | 1.03% | 10.31% |
Borrow
Showing 10 of 756 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDE ➞ SOLVBTC | 🪂 | $162.09m | 2.12% | 2.13% | -0.01% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ JITOSOL | 🪂 | $17.48m | 2.12% | 2.13% | -0.01% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ DOGE | 🪂 | $5.77m | 2.13% | 2.13% | 0% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ MSOL | 🪂 | $2.63m | 2.12% | 2.13% | -0.01% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ WBTC | 🪂 | $719,969 | 2.12% | 2.13% | -0.01% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ TRX | 🪂 | $683,479 | 2.13% | 2.13% | 0% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ JTO | 🪂 | $407,217 | 2.12% | 2.13% | -0.01% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ GGAVAX | 🪂 | $398,946 | 2.11% | 2.13% | -0.02% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ SAVAX | 🪂 | $117,060 | 2.13% | 2.13% | 0% | 70% | $15,498 | $12,293 | |
| open in new tabUSDE ➞ CBBTC | 🪂 | $23,888 | 2.10% | 2.13% | -0.04% | 70% | $15,498 | $12,293 |