stablecoin collateral asset
USDe
Ethena USDe is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
partialhigh
Exposure
$4.20B
Mapped usage across reviewed markets.
Deployments
3
Ethereum
Controls
4
Issuer, admin, wrapper, and redemption controls.
Market usage
6
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameEthena USDe
IssuerEthena
Typestablecoin
Canonical chainEthereum
BackingSynthetic dollar backed by collateral and delta-hedging strategy.
RedemptionRedemption depends on Ethena mint/redeem controls, collateral custody, and hedge execution.
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 |
| Base | 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 |
|---|---|---|---|---|---|---|---|
| Aave V3 | Ethereum core pool | Ethereum | 78% | 83% | $8.00B | $5.20B | 74.0% |
| 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 | Arbitrum yield markets | Arbitrum One | 0% | 0% | $820.0M | $0 | 74.0% |
| LayerZero | OFT-linked collateral paths | Ethereum | 0% | 0% | $1.30B | $0 | 86.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| high | asset issuer | Backing depends on hedge execution | Withdrawals can halt or peg can weaken. | USDe backing includes off-chain exchange and hedging dependencies. |
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 | Aave V3 -> USDe | Aave V3 Ethereum core pool accepts USDe as collateral or core liquidity |
| high | inbound | accepts collateral | Morpho Blue -> USDe | Morpho Blue sUSDe leveraged stable markets accepts USDe as collateral or core liquidity |
| high | inbound | accepts collateral | Ethena -> USDe | Ethena USDe and sUSDe issuance accepts USDe as collateral or core liquidity |
| high | inbound | wraps | sUSDe -> USDe | sUSDe wraps USDe and inherits Ethena redemption and hedge venue risk |
| high | outbound | backs | USDe -> USDC | USDe backing can include stable collateral and hedged positions |
| medium | outbound | settles on | USDe -> Arbitrum One | USDe deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | USDe -> Base | USDe deployment inherits Base chain assumptions |
| medium | outbound | backs | USDe -> USDT | USDe hedge and collateral venues can reference USDT liquidity |
| low | outbound | settles on | USDe -> Ethereum | USDe 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 | Aave V3 -> USDe | Aave V3 Ethereum core pool accepts USDe as collateral or core liquidity |
| high | inbound | accepts collateral | Morpho Blue -> USDe | Morpho Blue sUSDe leveraged stable markets accepts USDe as collateral or core liquidity |
| high | inbound | accepts collateral | Ethena -> USDe | Ethena USDe and sUSDe issuance accepts USDe as collateral or core liquidity |
| high | inbound | wraps | sUSDe -> USDe | sUSDe wraps USDe and inherits Ethena redemption and hedge venue risk |
| high | outbound | backs | USDe -> USDC | USDe backing can include stable collateral and hedged positions |
| medium | outbound | settles on | USDe -> Arbitrum One | USDe deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | USDe -> Base | USDe deployment inherits Base chain assumptions |
| medium | outbound | backs | USDe -> USDT | USDe hedge and collateral venues can reference USDT liquidity |
| low | outbound | settles on | USDe -> Ethereum | USDe deployment inherits Ethereum chain assumptions |