Ethena USDe (USDe) stablecoin analytics
USDe is a synthetic dollar that stays near $1 by hedging crypto collateral with equal short positions; funding yield accrues to sUSDe stakers.
Static Profile
Static stablecoin profile
Ethena USDe (USDe) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Jul 8, 2026
Ethena's USDe is still the tokenized basis trade, but the current reserve mix is more conservative and more complicated than the original pitch: roughly three quarters liquid stablecoins, about 16% BTC delta-neutral exposure, and about 8% ETH or LST delta-neutral exposure. The...
AI summary · drafted by claude-fable-5 · reviewed by @TokenBrice on Jul 8, 2026 · facts as of Jul 8, 2026
- Collateral
- Predominantly liquid stablecoins (~77%: USDtb by Ethena backed by BlackRock BUIDL, plus USDC, USDT, pyUSD, and yield-bearing variants deposited in Aave/Morpho) as non-hedged backing; remainder in delta-neutral positions — BTC (~16%) and ETH/stETH (~8%) spot long + equal short perpetual futures on CEXes (Binance, Bybit, OKX)
- Peg Mechanism
- Delta-neutral hedging: spot collateral custodied off-exchange (Copper, Ceffu, Anchorage Digital, Kraken) with equal short perpetual positions on CEXes (Binance, Bybit, OKX)
- Jurisdiction
- British Virgin Islands
- Proof Of Reserves
- Real-Time PoR by Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk Reserve source
Snippet Answer
Is USDe safe?
Pharos does not mark USDe as absolutely safe. Static metadata says Ethena USDe uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with Real-Time PoR from Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Next Actions
Exact bot target: /subscribe dews,depeg,safety usde-ethena
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Jul 8, 2026.
USDe quick answers
What is Ethena USDe (USDe)?
USDe is a synthetic dollar that stays near $1 by hedging crypto collateral with equal short positions; funding yield accrues to sUSDe stakers. The static profile records its US Dollar peg mechanism as: Delta-neutral hedging: spot collateral custodied off-exchange (Copper, Ceffu, Anchorage Digital, Kraken) with equal short perpetual positions on CEXes (Binance, Bybit, OKX)
Is USDe safe?
Pharos does not mark USDe as absolutely safe. Static metadata says Ethena USDe uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with Real-Time PoR from Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs USDe?
Pharos classifies USDe backing as Crypto-Collateralized. Collateral, per the static profile: Predominantly liquid stablecoins (~77%: USDtb by Ethena backed by BlackRock BUIDL, plus USDC, USDT, pyUSD, and yield-bearing variants deposited in Aave/Morpho) as non-hedged backing; remainder in delta-neutral positions — BTC (~16%) and... Reserve evidence: Real-Time PoR from Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk.
Can USDe be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for USDe, when applicable, appear in the dossier below.