stablecoin collateral asset
sUSDe
Staked USDe is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
partialmedium
Exposure
$3.70B
Mapped usage across reviewed markets.
Deployments
2
Ethereum
Controls
4
Issuer, admin, wrapper, and redemption controls.
Market usage
5
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameStaked USDe
IssuerEthena
Typestablecoin
Canonical chainEthereum
BackingYield-bearing wrapper around USDe with staking and cooldown mechanics.
RedemptionUnstake or redeem through Ethena staking cooldowns and USDe redemption mechanics.
Review statuspartial
Deployments
Canonical chain and cross-chain deployment footprint.
| Chain | Role | Settlement | L2 stage |
|---|---|---|---|
| Ethereum | canonical | Ethereum L1 | Not applicable |
| Arbitrum One | deployment | Ethereum L1 | Stage 1 |
Protocol market exposure
Markets where this asset is accepted as collateral.
| Protocol | Market | Chain | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|
| Morpho Blue | sUSDe leveraged stable markets | Ethereum | 72% | 77% | $1.00B | $700.0M | 90.0% |
| Ethena | USDe and sUSDe issuance | Ethereum | 0% | 0% | $4.40B | $0 | 77.0% |
| Euler V2 | Ethereum EVK vaults | Ethereum | 74% | 80% | $780.0M | $490.0M | 70.0% |
| Pendle | LST and LRT yield markets | Ethereum | 0% | 0% | $2.30B | $0 | 81.0% |
| Pendle | Arbitrum yield markets | Arbitrum One | 0% | 0% | $820.0M | $0 | 74.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| medium | liquidity liquidation | Cooldown creates liquidity mismatch | Withdrawals can halt or liquidations can fail. | sUSDe market exits depend on staking cooldowns and secondary market liquidity. |
Dependency edges
Issuer, wrapper, backing, bridge, oracle, and protocol paths touching this asset.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | inbound | accepts collateral | Morpho Blue -> sUSDe | Morpho Blue sUSDe leveraged stable markets accepts sUSDe as collateral or core liquidity |
| high | inbound | accepts collateral | Ethena -> sUSDe | Ethena USDe and sUSDe issuance accepts sUSDe as collateral or core liquidity |
| high | outbound | wraps | sUSDe -> USDe | sUSDe wraps USDe and inherits Ethena redemption and hedge venue risk |
| medium | outbound | settles on | sUSDe -> Arbitrum One | sUSDe deployment inherits Arbitrum One chain assumptions |
| low | outbound | settles on | sUSDe -> Ethereum | sUSDe deployment inherits Ethereum chain assumptions |
Blast radius
Highest-severity mapped paths that could propagate asset risk.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | inbound | accepts collateral | Morpho Blue -> sUSDe | Morpho Blue sUSDe leveraged stable markets accepts sUSDe as collateral or core liquidity |
| high | inbound | accepts collateral | Ethena -> sUSDe | Ethena USDe and sUSDe issuance accepts sUSDe as collateral or core liquidity |
| high | outbound | wraps | sUSDe -> USDe | sUSDe wraps USDe and inherits Ethena redemption and hedge venue risk |
| medium | outbound | settles on | sUSDe -> Arbitrum One | sUSDe deployment inherits Arbitrum One chain assumptions |
| low | outbound | settles on | sUSDe -> Ethereum | sUSDe deployment inherits Ethereum chain assumptions |