24h Change-0.0033%
All Time HighDec 9, 2025$1.03
All Time LowOct 4, 2024$0.93
Market Cap$4.506b
Fully Diluted Valuation$4.506b
Circ. Supply4.512b USDe
CEX Volume$28.21m
DEX Volume$67.34m
How much debt can be issued against USDe as collateral across lending protocols.
Maximum possible exposure to USDe
$570.31m
$302.59m (max additional borrows against USDe) + $267.73m (bad debt if USDe was hacked now)
Aave V3
$520.71m at-risk exposure = $267.27m bad debt if hacked + $253.45m additional borrowable against USDe
Fluid
$21.32m at-risk exposure = $70.06 bad debt if hacked + $21.32m additional borrowable against USDe
Euler V2
$19.37m at-risk exposure = $319,640 bad debt if hacked + $19.05m additional borrowable against USDe
Tydro
$7.14m at-risk exposure = -- bad debt if hacked + $7.14m additional borrowable against USDe
Venus Core Pool
$1.47m at-risk exposure = $30.02 bad debt if hacked + $1.47m additional borrowable against USDe
Morpho V1
$304,015 at-risk exposure = $144,118 bad debt if hacked + $159,897 additional borrowable against USDe
Lista Lending
$65.19 at-risk exposure = $63.19 bad debt if hacked + $2 additional borrowable against USDe
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.
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 | $176.11m | — | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $76.45m | $267.27m | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $21.22m | $66.95 | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $19.02m | $319,638 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $7.14m | — | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $1.47m | $30.02 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $885,897 | — | ||
USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | $159,872 | $144,106 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $100,211 | $3.11 | ||
USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | $25,840 | $0.85 |
Risk-management actions published about USDe by tracked risk managers and governance contributors, newest first.
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.
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.
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.
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.
Proposing to include USDtb-backed whitelabel stablecoins in USDe's backing portfolio to optimize yield by rotating out low-yielding assets like USDT, with equivalent credit quality but managed liquidity timing risks through concentration guardrails and independent 10-20% buffers per whitelabel asset.
LlamaRisk details a framework for assessing Master Loan Agreements with institutional counterparties deploying USDe reserve-backing assets, evaluating counterparty due diligence, collateral custody and liquidation mechanics, default triggers, and enforcement rights to protect reserves in case of failures like insolvency or regulatory issues.
USDe TVL declined through March, contracting perpetual futures exposure and reducing the required Reserve Fund size to $5-7M in simulations, compared to the current $62M balance which remains overcapitalized at 9x needs.
Ethena’s USDe has seen meaningful adoption across DeFi with clear user demand and strategic relevance as a stable and yield-bearing asset. Onboarding it to the MegaETH instance expands supported collateral options, improves market completeness, and positions the deployment to capture stablecoin and yield-oriented activity from launch.
The composition of USDe's backing assets has become more liquid, with most now in stablecoins and lending positions outperforming funding rates, reducing the need for a restrictive 7-day sUSDe unstaking cooldown and enabling dynamic adjustments down to 1 day.
Stablecoins backing USDe can be lent to Maple and Anchorage for overcollateralized loans to institutional borrowers, unlocking offchain yield opportunities while the Risk Committee has reviewed the agreements for acceptable risk and transparency.
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Showing 10 of 69 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabMNT-USDE0.3% | $3.6m | 9.06% | 9.06% | 6.13% | |||||
| open in new tabKODISAIL.R-USDE | 🪂 | $1.31m | 18.38% | 18.38% | 24.27% | ||||
| open in new tabUSDE-USDC0.00% fee | CL range 0.15% | $367,136 | 17.76% | 17.76% | 13.18% | |||||
| open in new tabUSDT-USDE | $124,225 | 5.56% | 2.41% | 6.61% | |||||
| open in new tabUSDEAaveEthena Loop Plasma | 🪂 | $88,681 | 6.51% | 6.51% | 3.11% | ||||
| open in new tabUSDE | $83,829 | 6.00% | 6.00% | 6.00% | |||||
| open in new tabUSDEAavEthena Loop Mainnet | 🪂 | $54,555 | 7.58% | 7.58% | 5.68% | ||||
| open in new tabOUSD-USDE | $28,374 | 14.43% | 0.18% | 10.29% | |||||
| open in new tabUSDE-USDC0.01% | $12,469 | 5.80% | 5.80% | 3.48% | |||||
| open in new tabUSDEfrozen | $4,438 | 41.14% | 40.65% | 0.49% | 48.17% |
Showing 10 of 1065 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDE ➞ SOLVBTC | $168.88m | 41.11% | 41.14% | -0.03% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ JITOSOL | $15.87m | 41.12% | 41.14% | -0.01% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ DOGE | $6.61m | 41.14% | 41.14% | 0% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ MSOL | $2.61m | 41.13% | 41.14% | -0.01% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ WBTC | $1.27m | 41.13% | 41.14% | -0.01% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ TRX | $842,415 | 41.14% | 41.14% | 0% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ JTO | $380,176 | 41.13% | 41.14% | -0.01% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ SAVAX | $111,599 | 41.14% | 41.14% | 0% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ MOVE | $51,713 | 41.10% | 41.14% | -0.05% | 80% | $56,896 | $52,459 | ||
| open in new tabUSDE ➞ CASH | $47,946 | 41.14% | 41.14% | 0% | 80% | $56,896 | $52,459 |
