Profile
sUSDe profile facts
Ethena Staked USDe (sUSDe) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDe-denominated NAV.
Variant relationship
Ethena Staked USDe (sUSDe) is modeled as a savings variant of Ethena USDe (USDe). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
- Collateral
- USDe deposited into Ethena's ERC-4626 staking contract; the wrapper remains fully backed by USDe while additional USDe rewards accrue inside the vault
- Peg mechanism
- Stake USDe to receive sUSDe; the exchange rate versus USDe rises as rewards vest inside the staking contract. Requesting unstaking burns the shares and moves USDe to the silo; withdrawal follows the configurable cooldown, observed at 86,400 seconds (1 day) at Ethereum block 26095796 on 2026-10-01 and unchanged at block 26227619 on 2026-10-19.
- Jurisdiction
- Not disclosed in the static profile.
- Proof of reserves
- No proof-of-reserves entry in the static profile.
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
sUSDe quick answers
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What is Ethena Staked USDe (sUSDe)?
sUSDe is the yield-bearing wrapper of USDe; its value versus USDe rises as basis-trade yield accrues, with USDe-tier delta-neutral risk. The static profile records its USDe-denominated NAV accounting mechanism as: Stake USDe to receive sUSDe; the exchange rate versus USDe rises as rewards vest inside the staking contract.
Is sUSDe safe?
As of Oct 24, 2026, Pharos grades sUSDe C- (52/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to whitelisted primary-market participants. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs sUSDe?
Pharos records sUSDe's reserves as of Jul 15, 2026 as 100% USDe staking vault shares. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.
Can sUSDe be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.
How do you redeem sUSDe?
Under the route Pharos reviewed on Apr 21, 2026, whitelisted primary-market participants can redeem sUSDe for a single stable asset, such as cash or a stablecoin. Settlement takes multiple days. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.
