risk managerGauntletcomp.xyz
↓Deprecation of Linea and Mantle Comets
The Compound III market on Mantle using USDe as the base asset has seen limited adoption and is being deprecated to wind down activity.
Overview
Ethena USDe(USDE)
Token Price$1
24h Change-0.011%
All Time HighDec 9, 2025$1.03
All Time LowOct 4, 2024$0.93
Key Metrics
Market Cap$4.484b
Fully Diluted Valuation$4.484b
Circ. Supply4.489b USDE
Volume 24h$120.39m
CEX Volume$30.5m
DEX Volume$93.4m
Risks
How much debt can be issued against USDE as collateral across lending protocols.
Maximum possible exposure to USDE
$774.04m
$302.67m (max additional borrows against USDE) + $471.37m (bad debt if USDE was hacked now)
Aave V3
$541.19m at-risk exposure = $323.33m bad debt if hacked + $217.86m additional borrowable against USDE
Euler V2
$26.89m at-risk exposure = $319,677 bad debt if hacked + $26.57m additional borrowable against USDE
Tydro
$22.26m at-risk exposure = -- bad debt if hacked + $22.26m additional borrowable against USDE
Fluid
$21.87m at-risk exposure = $71.63 bad debt if hacked + $21.87m additional borrowable against USDE
Morpho V1
$160.36m at-risk exposure = $147.72m bad debt if hacked + $12.64m additional borrowable against USDE
Venus Core Pool
$1.47m at-risk exposure = $80.17 bad debt if hacked + $1.47m additional borrowable against USDE
Lista Lending
$68.06 at-risk exposure = $68.06 bad debt if hacked + < $0.0001 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 | |||
|---|---|---|---|---|
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $191.69m | — | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $26.52m | $319,675 | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $25.29m | $323.33m | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $22.26m | — | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $21.77m | $67.14 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $12.51m | $147.57m | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $1.47m | $80.17 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $885,980 | — | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $132,827 | $144,555 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $100,608 | $4.49 |
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Risk Timeline
Risk-management actions published about USDE by tracked risk managers and governance contributors, newest first.
risk managerLlama Riskgov.ethenafoundation.com
→Risk Assessment of STAC as a Backing Asset for USDe
This report is part of the due diligence for selecting assets to back USDe. The analysis of STAC's structural risks is critical for maintaining the quality and stability of USDe's collateral portfolio.
contributor@BlockworksAdvisorygov.ethenafoundation.com
↑JAAA as a USDe Backing Asset
The proposal is to add $JAAA, a tokenized AAA CLO fund, to the basket of assets backing USDe. This would diversify the reserve with a high-quality, yield-bearing real-world asset that has proven its liquidity under stress.
contributor@BlockworksAdvisorygov.ethenafoundation.com
→May 2026 Update: Supply Recovery, Solana Expansion, New Backing Proposals
This monthly report notes USDe supply recovered 15.6% to $4.51B after a prior incident, with the protocol remaining over-collateralized at 101.51%. Ethena also expanded its footprint by onboarding Kamino and Jupiter on Solana as new lending venues for its backing assets.
contributor@Kairos_Resgov.ethenafoundation.com
→March/April 2026 Update: rsETH Resilience, Institutional Lending, New Collateral
USDe supply contracted by ~$2B following the rsETH incident, but the protocol handled all redemptions without a peg break or drawing on its Reserve Fund. New institutional lending agreements and proposals to add tokenized gold aim to diversify collateral and improve resilience.
contributor@BlockworksAdvisorygov.ethenafoundation.com
↑Proposal to Add Ripple USD (RLUSD) as a USDe Backing Asset
The proposal seeks to diversify USDe's backing by adding RLUSD as a new reserve asset. This introduces a NYDFS-regulated stablecoin into the portfolio, but also exposes USDe's backing to RLUSD's specific risks, such as its dependency on Ripple as a parent company and its centralized smart contract governance.
contributor@Kairos_Resgov.ethenafoundation.com
↑Lending USDe Backing Assets on Kamino and Jupiter Solana
USDe on Solana uses a clean SPL Token mint with no freeze authority and demand-responsive supply via LayerZero bridging, showing stable oracle behavior with deviations under 0.38% and no depeg during the October 2025 stress event on Solana DEXes. This supports its use as both collateral and borrowable asset in isolated vaults with conservative parameters.
risk managerLlama Riskgov.ethenafoundation.com
↑USDG Onboarding as USDe Backing Asset
Adding USDG as a backing asset diversifies USDe's reserves with a conservatively managed, highly liquid stablecoin that aligns with Ethena's approved profiles, enhancing overall stability while allowing scaled exposure under monitoring for redemption performance and regulatory changes.
contributor@Kairos_Resgov.ethenafoundation.com
↑Evaluation of PAXG and XAUT as USDe Backing Assets
Expanding USDe backing to include tokenized gold like PAXG and XAUT diversifies collateral beyond crypto-native assets, leveraging gold's lower volatility and structural demand drivers such as central bank purchases exceeding 4,000 tonnes from 2022–2025 to enhance backing stability.
risk managerLlama Riskgov.ethenafoundation.com
↑Legal Review of Ethena's CBAM Master Loan Agreement
LlamaRisk's review identifies the CBAM MLA as the strongest protective framework among three agreements, featuring tri-party custody with an OCC-chartered institution that grants Ethena a perfected security interest over collateral without direct exposure to the borrower. This supports deploying reserve-backing assets to Coinbase Asset Management, bolstering USDe's overall backing security.
Markets
Token Usage
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Liquidations
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Yields
Showing 10 of 70 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabKODISAIL.R-USDE | 🪂 | $1.32m | 20.02% | 20.02% | 21.93% | ||||
| open in new tabUSDE-USDC0.00% fee | CL range 0.15% | $646,577 | 14.69% | 14.69% | 11.28% | |||||
| open in new tabUSDT-USDE | $316,652 | 9.68% | 8.37% | 6.04% | |||||
| open in new tabUSDE-FRXUSDUniv4 Kyber FairFlow | $245,103 | 14.83% | 1.93% | 12.90% | 5.60% | ||||
| open in new tabUSDT-USDE | $171,434 | 10.49% | 8.27% | 7.57% | |||||
| open in new tabUSDT-USDECurve | $151,344 | 8.24% | 5.88% | 6.76% | |||||
| open in new tabUSDE | $72,686 | 7.65% | 7.65% | 7.74% | |||||
| open in new tabOUSD-USDE | $26,269 | 9.06% | 0.13% | 12.17% | |||||
| open in new tabIUSD-USDE | $16,430 | 5.96% | 5.96% | 2.01% | |||||
| open in new tabUSDEStable Pool | 🪂 | $1,664 | 6.76% | 6.76% | 6.57% |
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Borrow
Showing 10 of 945 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDE ➞ SOLVBTC | 🪂 | $158.37m | 6.76% | 6.76% | -0.01% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ JITOSOL | 🪂 | $16.06m | 6.75% | 6.76% | -0.01% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ DOGE | 🪂 | $6.14m | 6.76% | 6.76% | 0% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ MSOL | 🪂 | $2.54m | 6.75% | 6.76% | -0.01% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ TRX | 🪂 | $793,753 | 6.76% | 6.76% | 0% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ WBTC | 🪂 | $696,254 | 6.75% | 6.76% | -0.01% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ USDT | 🪂 | $522,828 | 7.68% | 6.76% | 0.97% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ JTO | 🪂 | $387,456 | 6.75% | 6.76% | -0.01% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ SAVAX | 🪂 | $130,907 | 6.76% | 6.76% | 0% | 94% | $10,033 | $8,369 | |
| open in new tabUSDE ➞ CASH | 🪂 | $42,330 | 6.76% | 6.76% | 0% | 94% | $10,033 | $8,369 |
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