USDe

Ethena USDe (USDe)

· 57/100as of 2026-10-25

USDe is a synthetic dollar that stays near $1 by hedging crypto collateral with equal short positions; funding yield accrues to sUSDe stakers.

USD-Pegged Crypto-Backed Centralized-Dependent

19 Feb 2024

Price

$0.9994

N/A

Market cap

$4.58B

-0.25% 24h

Supply

4.58B USDe

-2.13% 7d

-6.41% 30d

DEWSWatch19/100 · as of 2026-10-25

Peg

Liq59as of 2026-10-25

30d Excess

Price

$0.9994

N/A

Market cap

$4.58B

-0.25% 24H

Supply

4.58B USDe

-2.13% 7D · -6.41% 30D

30d Excess

MechanismHedged SyntheticMintingAttested minter FreezeUpstreamChains32 JurisdictionBVI MiCANon-Compliant GENIUSNone Found AttestorNiche Issued2024

MintingAttested minter FreezeUpstreamChains32 JurisdictionBVI MiCANon-Compliant GENIUSNone Found AttestorNiche Issued2024

Case studyUSDe and the October 2025 Binance oracle printSurvived

Ethena's Hedged Dollar, Now Mostly Cash and Credit

Ethena's USDe was built as a tokenized : hold crypto and short the same amount in futures so the price moves cancel out. Ethena's October 1, 2026 collateral disclosure shows that trade is now the minority of backing. About four fifths sat in a basket Ethena calls Liquid Cash: stablecoins, DeFi lending, tokenized funds, and institutional loans. Ethena publishes that category split but not the weights inside the basket. The hedged remainder, led by BTC and ETH, sits with the custodians Copper, Ceffu, and Fireblocks while its short positions run on centralized exchanges. The C overall grade reflects that mix: exit is the strongest of its three pillars and economic control the weakest. That pillar asks who can change minting, pricing, and bridges. Here a 5-of-10 multisig can replace the contract allowed to mint USDe after a one-day delay, and Pharos has not resolved the controls on many of its bridged versions. On TON, the token administrator can also lock a holder's wallet or move and burn its balance, a power the Ethereum token lacks. The peg record is clean, with a handful of brief deviations in under three years of tracking. A live dashboard shows the split, but custodian reports arrive monthly and every mint is approved by Ethena's own off-chain signer. The token's market price reveals nothing about those custodians, exchanges, or basket holdings, so holders rely on Ethena's reporting to see what backs each USDe.

Claims as of 2026-10-19

Updated 2026-10-19 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

How it breaks

USDe

How does USDe break?

Not part of the Safety ScoreHypothetical scenarioReviewed 2026-10-08

Five compromised Safe keys can replace USDe's minter after public notice, enabling collateral-free issuance beyond the ordinary mint cap.

Hypothetical: five governance Safe keys are compromised, a whitelisted executor relays their calls, and no defensive cancellation succeeds during the public delay.

Signatures to repoint the minter5 of 10

Public delay before execution24 hours

Rogue minter mint limitNo cap

Sampled USDC and USDT outputs0.808M tokens

Scenario path · 7 steps

7 missing defensesHypotheticalOutcome

Take five Safe keys, hypothetical step
Schedule the minter swap
Wait out the delay
Execute the swap
Mint without collateral
Redemption consumes existing backing, hypothetical step
Holders face discounted exits, hypothetical step

Scenario path, step by step

No compromise or misconduct is alleged. At Ethereum block 26,139,380, the Safe required five of ten signatures and could schedule a minter replacement with a 24-hour delay. The fork impersonated the Safe and tested its guard separately; it did not reproduce key theft or forge owner signatures.

Public 24-hour notice · 24 hours The public schedule gives at least 24 hours before execution at the pinned configuration. Early execution and a shorter reschedule reverted on the fork; detection creates no guaranteed liquidity, timely cancellation or holder exit.

Step by step · 7 steps, each with its evidence

Verified onchain
Documented
Inferred
Unverified
Missing defense
Hypothetical step

1Take five Safe keys, hypothetical stepVerified onchain, T+0Missing defense: Independent approval of minter changes
At the pinned block, the Safe required five of ten signatures and had no enabled modules. Its guard accepts this scheduling payload from a whitelisted executor; compromise of the five keys remains hypothetical.
Evidence: Verified onchainSources4 5
Actor
Attacker
Action
Obtain 5 of 10 signatures on the Ethena governance Safe
Cost
Off-chain: phishing, coercion, or collusion
2Schedule the minter swapVerified onchain, T+0Missing defense: Independent cancellation authority
The governance Safe is the only proposer and canceller at the pinned block. Scheduling publishes the target, calldata and delay in a CallScheduled event, making the minter replacement visible before execution.
Evidence: Verified onchainSources1 3 4 7
Actor
Compromised Safe
Call
TimelockController.schedule(USDe, 0, setMinter(attacker), 0, salt, 86400)
Contracts
EthenaTimelockController 0xe8dc...7c94
USDe token 0x4c9e...68b3
Cost
One transaction
3Wait out the delayVerified onchain, T+0 → T+1dMissing defense: Veto outside the governance Safe
The fork rejected early execution and, after cancellation, rescheduling with a shorter delay. Any five Safe owners can authorize cancellation, including the five remaining owners if exactly five keys were compromised; this route assumes they do not stop execution.
Evidence: Verified onchainSources3 7
Actor
EthenaTimelockController
Action
24-hour minimum delay before execution
Cost
24 hours, fully public
4Execute the swapVerified onchain, T+1dMissing defense: Additional token-level minter review
After the delay, the fork executed the queued call and replaced the minter with a plain address while leaving the token owner unchanged. Timelock executor roles are separate from the Safe guard's relay whitelist.
Evidence: Verified onchainSources1 3 7
Actor
Safe or another timelock-role executor
Call
TimelockController.execute → USDe.setMinter(attacker)
Contracts
EthenaTimelockController 0xe8dc...7c94
USDe token 0x4c9e...68b3
Cost
One transaction
5Mint without collateralVerified onchain, T+1dMissing defense: Token-level collateral and issuance limits
USDe.mint checks the stored minter, with no collateral or economic supply cap. On a fork of block 26,139,380, the replacement issued two billion USDe in one block, ten times the ordinary minter's 200 million per-block cap.
Evidence: Verified onchainSources1 2 7
Actor
Replacement minter
Call
USDe.mint(attacker, amount)
Contract
USDe token 0x4c9e...68b3
Cost
One transaction per batch
6Redemption consumes existing backing, hypothetical stepInferred, After the minter replacementMissing defense: Backing for the additional issuance
Direct redemption requires eligibility and an issuer quote, with last-look checks. Tokens are fungible: redemption can consume existing backing, but cannot supply the assets missing from additional uncollateralised issuance.
Evidence: InferredSources2 13 14 15
Actor
Ethena off-chain quote service
Action
Eligible users request issuer-quoted redemption
Cost
Service availability and pricing unmodelled
7Holders face discounted exits, hypothetical stepInferred, After issuance; timing unmodelledMissing defense: Guaranteed exit at par
If unbacked issuance overwhelms available backing and demand, holders face discounted exits. The sampled quotes measure only static token outputs at block 26,139,380; the 24-hour sUSDe withdrawal cooldown does not guarantee redemption access or an exit before execution.
Evidence: InferredSources1 6 8 9 15
Actor
USDe and sUSDe holders
Action
Seek secondary-market exits or eligible redemption
Cost
Market loss not quantified

Who could stop it? (6)

Timelocked minter change with a public schedule eventPartial
Public notice gives owners time to respond, not holders a guaranteed exit. Only the governance Safe can cancel, using any five owners; shortening the minimum delay itself requires a timelocked operation. From deployment at block 25,301,829 through 26,139,380, its logs contain no direct USDe minter-change schedule and no Cancelled event, not proof of an effective or ineffective off-chain response. Evidence: Verified onchain 3 7 10
EthenaSafeGuard on the governance SafePartial
The guard restricts module changes, fallback handlers, delegatecalls and transaction relayers. A separate fork call with the exact scheduling payload passed for a whitelisted executor and reverted for an unwhitelisted address; no independent approval of this minter replacement was required. Evidence: Verified onchain 4 5
EthenaMinting V2 per-block mint capCannot stop it
At block 26,139,380, the ordinary minter's global mint cap was 200,000,000 USDe per block. The token enforces no such limit: replacing the minter allowed two one-billion-USDe transactions in one fork block, ten times that cap. Evidence: Verified onchain 1 2 7
Issuer redemption and last-look quotingCannot stop it
Ethena documents eligibility, quotes and last-look checks; its terms limit redemption to a pro-rata reserve share capped at $1, subject to conditions. These controls govern redemption service, not the replacement minter's issuance; the pinned ordinary contract cap was 20 million USDe per block. Evidence: Documented 2 13 14 15
sUSDe unstaking cooldownCannot stop it
At block 26,139,380, withdrawing underlying USDe required a 24-hour cooldown. This constrains the wrapper withdrawal route, not secondary sales of sUSDe, and does not ensure that a holder can exit before the minter swap. Evidence: Verified onchain 6
Reported backing and off-chain operationsCannot stop it
Issuer-reported backing and reserve assets are finite; the token's mint function does not verify them. Ethena's documented hedge and custody services do not impose a token-level issuance cap, and their live loss-absorption capacity was not established. Evidence: Inferred 1 11 12 16 17

What would invalidate this scenario? (5)

Re-tested at every review; if any condition is met, the scenario comes off the page.

USDe's owner differs from the recorded Ethena timelock address
Not met· block 26,139,380
The timelock delay falls below 24 hours, its runtime changes, or its live proposer set is no longer exactly the governance Safe
Not met· block 26,139,380
The Safe enables a module, changes guard address, guard runtime or guard owner, or loses the guard's allowed-Safe status
Not met· block 26,139,380
USDe's runtime differs from the reviewed implementation with no token-level issuance cap
Not met· block 26,139,380
A timelock operation containing a direct USDe setMinter call has a Cancelled event attributable to a caller other than the governance Safe
Not met· block 26,139,380

Who holds the loss? (4)

Issuer backing after a repoint: The status API dated 2026-10-07T07:59:54Z reported $4,991,487,069.45 backing against $4,972,303,551.36 token supply, 0.39% excess, and a $62,076,933.81 Reserve Fund, 1.25% of that supply. Separately, collateral rows timestamped 2026-10-07T04:58:29Z placed $4,062,846,164.75 in Liquid Cash: 81.47% of that feed's $4,987,015,125.75 backing total, not the status API's denominator; the basket's underlying allocation is unresolved here.; Evidence: Documented
Secondary-market exit depth: At block 26,139,380, separate static quotes for 2 million USDe into each Curve pool returned 215,524.320067 USDC and 398,894.915892 USDT; a 5-million-USDe Uniswap v3 input quoted 193,428.052857 USDC. These three outputs total 807,847.288816 tokens at unchanged pool state, with severe slippage; they are neither guaranteed dollars, reserve balances, a price forecast nor maximum market-wide exit capacity.; Evidence: Verified onchain
Staked holders: At block 26,139,380, sUSDe totalAssets was 1,237,006,254.525033114509446189 USDe, after dividing the raw value by 10^18. That is 24.90% of the token's 4,968,483,014.571660393523503861 USDe supply; underlying withdrawals had a 24-hour cooldown, while secondary sales of wrapper shares are a separate route.; Evidence: Verified onchain
Off-chain hedge and custody leg: Ethena's Hedging System documentation describes off-chain pricing, position reconciliation and backing transfers. Its custody documentation names Copper, Ceffu and Fireblocks and acknowledges reliance on provider cooperation and legal behavior in an exchange failure; these documents do not establish live hedge coverage, custody enforceability or loss-absorption capacity on chain.; Evidence: Documented

Sources (17)

Hypothetical premise · evidence labeled per claim

Approved by TokenBrice on 2026-10-08 · state at block 26,139,380

Backing evidence

USDe

Omnibus accounts

Held by

Copper
Ceffu
Fireblocks
Anchorage Digital Bank
Kraken Custody

Shares not disclosed

SegregatedNot in place: Omnibus accounts
Bankruptcy-remotePartly in place: Contractual only
No rehypothecationUnknown

Reserves sit with 5 named custody providers; assets are held in omnibus accounts with contractual-only bankruptcy protections.

Confidence: Verified

Providers (5)

Copper
Custodian
Share not disclosed
Ceffu
Custodian
Share not disclosed
Fireblocks
Custodian
Share not disclosed
Anchorage Digital Bank
Custodian
Share not disclosed
Kraken Custody
Custodian
Share not disclosed

Review notes & sources (4)

Ethena names Copper, Ceffu, and Fireblocks as off-exchange settlement providers and states that protocol assets remain beneficially owned by the protocol, while Copper and Ceffu use commingled omnibus wallets. Provider allocation shares across the stablecoin, DeFi lending, RWA, institutional lending, and crypto-basis categories, and contractual outcomes in each provider or exchange insolvency, are not public. The issuer custodian report published 2026-09-03 also names Anchorage Digital Bank and Kraken Custody at its 2026-08-26 snapshot, plus Coinbase on-chain wallets and an Ethena FalconX SPV using Anchorage and BitGo. These dated observations are not current allocation shares or proof of uniform custody arrangements across the strategy basket; the historical off-exchange provider roster is retained.

Reviewed 2026-07-20

USDe

1.5%loss absorption

Review notes & sources (3)

Reviewed gaps

Hedge coverageNot disclosed
Source-scoped correction (2026-10-20): the retained original note calls exactly 1 an attested policy-state value and expressly says position-level notionals are unpublished. The deltaNeutral/overCollateralized booleans do not measure the numeric whole-book hedge-coverage ratio. Original review start and historical pins are preserved.Source
Excess backingNot disclosed
Source-scoped correction (2026-10-20): the retained original 0.104755 is explicitly aggregate reserve surplus over supply, not observed margin collateral, maintenance requirements or venue liquidation headroom. The cited collateralization status API does not establish the margin-buffer metric. Original review start and historical pins are preserved.Source

Ethena collateralization status API snapshot at 2026-07-20 16:00:16 UTC (backing assets, token supply, and Reserve Fund)

Reviewed 2026-07-20

Exit evidence

Redemption route · Waiting for section

Redemption evidence loads when the Risk section approaches the viewport.

Control evidence

USDe

Mint Authority

Approved minters issue USDe against off-chain attestations, controlled by a 5/10 Safe and a 1d timelock; supply is unbounded but reconciled or supervised.

Confidence: VerifiedControl posture: Multisig controlled

Control map

IssuerAttested minter

ControlsDirect minterBackend signerGovernor Safe5/101d timelock

SupplyUSDeUnbounded, reconciled or prudentially supervised

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (5)

EthenaMinting V2 token minter contract
Direct minter / Contract
ethereum / 0xe34902...1b62d3
MintCap-limited
EthenaMinting V2 enforces a 200,000,000 USDe global mint maximum per Ethereum block; the separate default-admin timelock can change that limit.
EthenaMinting V2 MINTER_ROLE signer cohort
Backend signer / Issuer backend
ethereum
MintCap-limited
The cohort invokes EthenaMinting V2's signed-order flow, which enforces a 200,000,000 USDe global mint maximum per Ethereum block.
Ethena governance Safe (timelock roles)
Governor / Safe
ethereum / 0x3b0aaf...dc1862
MintCan authorizeSetupSafe, 5/10 thresholdDelay1d timelockSafe modules/guardModules or guards present
EthenaMinting V2 default-admin timelock
Minter admin / Timelock
ethereum / 0xe8dc0f...db7c94
MintCan authorizeDelay1d timelock
USDe custom minter-replacement timelock
Proxy admin / Timelock
ethereum / 0xe8dc0f...db7c94
MintUpgrade-onlyDelay1d timelock

Review notes & sources (23)

USDe native Ethereum issuance uses EthenaMinting V2 signed-order flows, but the 86,400-second owner/default-admin timelock can replace the token minter with an arbitrary address whose USDe.mint needs no collateral or durable supply bound. Its 5-of-10 Safe root and one-day delay fail governed issuance gates. The 200,000,000 USDe per-block setting is a rate limit, not a durable bound; periodic third-party backing reconciliation yields unbounded-reconciled.

Control posture

Material control is classified as requiring approval from a defined group of signers through a multisignature account.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-10-03

USDe

Privileged internal pricing

USDe mint and redeem quotes rely on a privileged internal price.

Oracle review: Verified

Pricing path

SourcesUndisclosed

AggregatorPrivileged internal pricing

ConsumerMint / redeem quote

Review notes & sources (7)

Ethena's offchain service sets mint and redemption RFQ amounts using exchange data, Pyth and RedStone validation, and retains last-look acceptance. USDe terms section 13 gives Ethena BVI discretion to calculate the exchanged asset's value. A user-signed order cannot be changed, but neither automatic balance-derived conversion nor autonomous feed failover determines the issuer's offered quote.

Reviewed 2026-10-01

USDe

Mostly lock & mint

32 routes on 32 chains, mostly external lock & mint (31). 31 third-party (97%).

Confidence: Verified

Routes by chain (32)

Equal widths, supply split unavailable

Review notes & sources (4)

Ethereum is the sole reviewed native USDe issuance route. The canonical Ethereum OFT adapter and satellite deployments are representation machinery assessed under Bridge Risk. Tempo's issuer-listed OFT holds the TIP-20 issuer role, while a 5-of-10 Safe controls token administration and an immediately raiseable 300,000,000 USDe supply cap. At Tempo block 42155679, a read-only upgradeAndCall simulation from that Safe through the current ProxyAdmin succeeded; the same request from an unauthorized account reverted. Exact partial execution scopes retain unclosed messaging, destination, implementation-source and economic-liability boundaries; no all-destination protection or local economic-loss bound is inferred.

Reviewed 2026-09-04

USDe

Upstream

Freeze power sits upstream in the assets this token depends on rather than in its own contract.

Sourced review

Power and scope

PowerUpstream

ScopeCanonical · PermissionlessBridged · Permissionless×2

Reviewed deployments (3)

EthereumCanonical · Permissionless
PlasmaBridged · Permissionless
SolanaBridged · Permissionless

Transfer posture reviewed 2026-07-17.

Review notes & sources (22)

USDe remains Upstream through an issuer/custodian-terminal external-backing majority, not direct Possible. Ethereum 53.0473% and Plasma 12.1967% are material in the 2026-10-19 supply census. Ethereum USDe is immutable, with mint-only owner/minter authority and allowance-gated burnFrom; no active holder-targeted control is identified. Plasma USDeOFT owner-configurable destination rate limits can stop bridge sends, not ordinary local transfers, so they remain bridge-rail controls rather than direct Possible. At Plasma block 35451992 (2026-10-19T07:02:52Z), owner is 0xabd3645ba0bb60c238bede64378826e1206f5072, helper rateLimiter is zero and supply is 571,174,718.254082. No parent is declared. Official reserve endpoints retrieved 2026-10-19 report totalBackingAssetsInUsd $4,686,002,502.559999, exactly matching the sum of 84 collateral rows timestamped 2026-10-19T05:58:27Z. The category endpoint reports Crypto Basis $659,880,702, Institutional Lending $686,229,739, Liquid Stables $1,302,421,556 and RWA $284,115,960: conservative qualifying subtotal $2,932,647,957. Crypto basis terminates in disclosed off-exchange custodians; institutional lending uses qualified-custodian/triparty BTC collateral; liquid USDT/USDC/USDtb/PYUSD and JAAA/STAC funds terminate in issuer/custodian control. Equity/RWA basis and DeFi lending are omitted from the numerator. The category total is $4,685,938,298; the $64,204.559999 difference is not favorably allocated. DeFi lending's exact USDe/sUSDe self-leg composition remains unmeasured. v4.5 excludes such self legs from both numerator and denominator: the actual external denominator is no larger than the full $4,686,002,502.559999 backing total, giving a proven external qualifying lower bound of 62.58314961%, even if all unclassified external exposure is nonqualifying. This is a bound using a conservative denominator ceiling, not an invented exact self-netted percentage; removing any self amount only raises it. Consequently the unknown self allocation cannot overturn the >50% result. The prior v4.4 response had $2,924,053,250 qualifying against $4,687,370,857.61 full backing (about 62.38%); both observations establish a majority without attributing the entire DeFi category or multiplying category percentages by a separate Liquid Cash bucket. The dated issuer endpoints are not an atomic on-chain reserve attestation.

Reviewed 2026-10-19

USDe

MiCA non-compliant

GENIUS (US): None foundPathway unresolved
MiCA (EU): Non-compliantAsset-referenced token

Issuer disclosures

Reserve attestation: Real-time. Attestor: Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk (monthly custodian report published 2026-10-10 covers the 2026-09-27 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers) (Niche attestor). Cadence: Real-time.
Redemption policy: Published
Reserve disclosure: Published, open the disclosure

USDe has no public GENIUS authorization on record and lacks MiCA authorization for EU venues.

Review notes & sources (15)

Latest report: period end 2026-09-27; published 2026-10-10

GENIUS review notes

Reviewed 2026-10-07. Ethena BVI Limited remains the USDe issuer; direct minting and redemption are restricted to eligible Mint Users and U.S. persons are excluded from those services. The contractual ambiguity described in applicabilityBasis remains unresolved. The reserve dashboard and the August 2026 report page disclose recurring custodian asset attestations; monthlyAttestationPresent records their public presence, not consolidated assets-and-liabilities assurance or statutory GENIUS compliance. Anchorage's USDtb issuance and announced PPSI intent concern a separate token and legal issuer. No token-specific USDe authorization or active U.S. GENIUS enforcement action was located in the public sources and name searches checked on this date; nonpublic filings and actions cannot be excluded. Treasury describes January 18, 2027 as the expected Act effective date and July 18, 2028 as the general DASP offer-sale restriction date. Its September 30, 2026 SCRC rule establishes interim state-certification procedures and does not establish USDe authorization or general Act effectiveness. Foreign-exception eligibility remains unknown, rather than inferred from the issuer's domicile.

Reviewed 2026-10-07

Dependencies

USDe

Dependency context

Open in Dependency Map

Variants 2

Strata Senior USDesrUSDe

Risk-Abs

Ethena Staked USDesUSDe

Savings

Key links

Website Twitter Docs

Proof of Reserves

Real-Time PoR by Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk (monthly custodian report published 2026-10-10 covers the 2026-09-27 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers)

View reserves

Contracts

32 deployments tracked across Ethereum, Arbitrum, Base, and Optimism, plus 28 more.

Primary contract

Ethereum

0x4c9e...68b3

View on Ethereum explorer

Ethereum0x4c9e...68b3

Arbitrum0x5d3a...ef34

Base0x5d3a...ef34

Optimism0x5d3a...ef34

BSC0x5d3a...ef34

Avalanche0x5d3a...ef34

zkSync0x39fe...db0d

Mantle0x5d3a...ef34

Linea0x5d3a...ef34

Supply & Liquidity

History

Explore

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Case studyUSDe and the October 2025 Binance oracle print

Peers

Static comparison briefs with structural context.

+4 more comparison briefs

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all delta-neutral stablecoins

Actions

Open USDe in live compare Set USDe Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

Safety

C· 57/100

as of 2026-10-25

Peg Liquidity59· as of 2026-10-25 DEWSWatch· 19/100 · as of 2026-10-25

Backing mechanics

1.5%loss absorption

Details & sources (3)

Reviewed gaps

Hedge coverageNot disclosed
Source-scoped correction (2026-10-20): the retained original note calls exactly 1 an attested policy-state value and expressly says position-level notionals are unpublished. The deltaNeutral/overCollateralized booleans do not measure the numeric whole-book hedge-coverage ratio. Original review start and historical pins are preserved.Source
Excess backingNot disclosed
Source-scoped correction (2026-10-20): the retained original 0.104755 is explicitly aggregate reserve surplus over supply, not observed margin collateral, maintenance requirements or venue liquidation headroom. The cited collateralization status API does not establish the margin-buffer metric. Original review start and historical pins are preserved.Source

Ethena collateralization status API snapshot at 2026-07-20 16:00:16 UTC (backing assets, token supply, and Reserve Fund)

Reviewed 2026-07-20

Access posture

Loading published access posture…

Regulatory standing

MiCA non-compliant

GENIUS (US): None foundPathway unresolved
MiCA (EU): Non-compliantAsset-referenced token

Issuer disclosures

Reserve attestation: Real-time. Attestor: Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk (monthly custodian report published 2026-10-10 covers the 2026-09-27 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers) (Niche attestor). Cadence: Real-time.
Redemption policy: Published
Reserve disclosure: Published, open the disclosure

USDe has no public GENIUS authorization on record and lacks MiCA authorization for EU venues.

Details & sources (15)

Latest report: period end 2026-09-27; published 2026-10-10

GENIUS review notes

Reviewed 2026-10-07

Price Transparency

$0.9994

—Sources 0/3

Sources

Key links

Website Twitter Docs

Proof of Reserves

View reserves

Contracts

Ethereum0x4c9e...68b3

Arbitrum0x5d3a...ef34

Base0x5d3a...ef34

Optimism0x5d3a...ef34

News

Loading recent events…

Evidence index

Backing

CustodyOmnibus accounts

Exit

Redemption routeWaiting for section

Control

Mint AuthorityMint score loading
Price feedPrivileged internal pricing
Bridging & deploymentsMostly lock & mint
Freeze & seizureUpstream

Profile

USDe profile facts

Ethena USDe (USDe) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.

CeFi-Dependent Crypto-Collateralized US Dollar

Collateral: Liquid Cash strategy basket (81.3% of the issuer collateral API's October 1, 2026 backing): stablecoins, DeFi lending, tokenized funds and institutional lending, with constituent balances undisclosed; remaining adapter categories are BTC (9.8%), ETH and liquid-staking collateral (7.6%), and other collateral including SOL, XRP, BNB and Gold (1.3%). The complete backing-assets API denominator is separate from the monthly custodian report and category breakdown.
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 (monthly custodian report published 2026-10-10 covers the 2026-09-27 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers) Reserve source
Contracts: 32 deployments tracked across Ethereum, Arbitrum, Base, and Optimism, plus 28 more.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

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?

As of Oct 25, 2026, Pharos grades USDe C (57/100) on its Safety Score. Pharos's reviews record that freeze exposure is inherited through upstream collateral, custody or wrappers, 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 USDe?

Pharos records USDe's reserves as of Oct 1, 2026 as 81.3% Liquid Cash strategy basket, 9.8% BTC collateral, 7.6% ETH / liquid staking collateral, and 1 smaller holding. Reserve evidence: Real-Time PoR, latest period ending Sep 27, 2026. Pharos classifies the backing as Crypto-Collateralized.

Can USDe be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies.

How do you redeem USDe?

Under the route Pharos reviewed on Mar 23, 2026, whitelisted primary-market participants can redeem USDe for USDT and USDC. Settlement is immediate. The reviewed redemption fee is 0.1%. Whether a given holder qualifies is set by the route's own terms, not by this summary.

Backing evidence

USDe

Omnibus accounts

Held by

Copper
Ceffu
Fireblocks
Anchorage Digital Bank
Kraken Custody

Shares not disclosed

SegregatedNot in place: Omnibus accounts
Bankruptcy-remotePartly in place: Contractual only
No rehypothecationUnknown

Reserves sit with 5 named custody providers; assets are held in omnibus accounts with contractual-only bankruptcy protections.

Confidence: Verified

Providers (5)

Copper
Custodian
Share not disclosed
Ceffu
Custodian
Share not disclosed
Fireblocks
Custodian
Share not disclosed
Anchorage Digital Bank
Custodian
Share not disclosed
Kraken Custody
Custodian
Share not disclosed

Review notes & sources (4)

Reviewed 2026-07-20

USDe

1.5%loss absorption

Review notes & sources (3)

Reviewed gaps

Hedge coverageNot disclosed
Source-scoped correction (2026-10-20): the retained original note calls exactly 1 an attested policy-state value and expressly says position-level notionals are unpublished. The deltaNeutral/overCollateralized booleans do not measure the numeric whole-book hedge-coverage ratio. Original review start and historical pins are preserved.Source
Excess backingNot disclosed
Source-scoped correction (2026-10-20): the retained original 0.104755 is explicitly aggregate reserve surplus over supply, not observed margin collateral, maintenance requirements or venue liquidation headroom. The cited collateralization status API does not establish the margin-buffer metric. Original review start and historical pins are preserved.Source

Ethena collateralization status API snapshot at 2026-07-20 16:00:16 UTC (backing assets, token supply, and Reserve Fund)

Reviewed 2026-07-20

Control evidence

USDe

Mint Authority

Approved minters issue USDe against off-chain attestations, controlled by a 5/10 Safe and a 1d timelock; supply is unbounded but reconciled or supervised.

Confidence: VerifiedControl posture: Multisig controlled

Control map

IssuerAttested minter

ControlsDirect minterBackend signerGovernor Safe5/101d timelock

SupplyUSDeUnbounded, reconciled or prudentially supervised

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (5)

EthenaMinting V2 token minter contract
Direct minter / Contract
ethereum / 0xe34902...1b62d3
MintCap-limited
EthenaMinting V2 enforces a 200,000,000 USDe global mint maximum per Ethereum block; the separate default-admin timelock can change that limit.
EthenaMinting V2 MINTER_ROLE signer cohort
Backend signer / Issuer backend
ethereum
MintCap-limited
The cohort invokes EthenaMinting V2's signed-order flow, which enforces a 200,000,000 USDe global mint maximum per Ethereum block.
Ethena governance Safe (timelock roles)
Governor / Safe
ethereum / 0x3b0aaf...dc1862
MintCan authorizeSetupSafe, 5/10 thresholdDelay1d timelockSafe modules/guardModules or guards present
EthenaMinting V2 default-admin timelock
Minter admin / Timelock
ethereum / 0xe8dc0f...db7c94
MintCan authorizeDelay1d timelock
USDe custom minter-replacement timelock
Proxy admin / Timelock
ethereum / 0xe8dc0f...db7c94
MintUpgrade-onlyDelay1d timelock

Review notes & sources (23)

Control posture

Material control is classified as requiring approval from a defined group of signers through a multisignature account.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-10-03

USDe

Privileged internal pricing

USDe mint and redeem quotes rely on a privileged internal price.

Oracle review: Verified

Pricing path

SourcesUndisclosed

AggregatorPrivileged internal pricing

ConsumerMint / redeem quote

Review notes & sources (7)

Reviewed 2026-10-01

USDe

Mostly lock & mint

32 routes on 32 chains, mostly external lock & mint (31). 31 third-party (97%).

Confidence: Verified

Routes by chain (32)

Equal widths, supply split unavailable

Review notes & sources (4)

Reviewed 2026-09-04

USDe

Upstream

Freeze power sits upstream in the assets this token depends on rather than in its own contract.

Sourced review

Power and scope

PowerUpstream

ScopeCanonical · PermissionlessBridged · Permissionless×2

Reviewed deployments (3)

EthereumCanonical · Permissionless
PlasmaBridged · Permissionless
SolanaBridged · Permissionless

Transfer posture reviewed 2026-07-17.

Review notes & sources (22)

Reviewed 2026-10-19

USDe

MiCA non-compliant

GENIUS (US): None foundPathway unresolved
MiCA (EU): Non-compliantAsset-referenced token

Issuer disclosures

Reserve attestation: Real-time. Attestor: Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk (monthly custodian report published 2026-10-10 covers the 2026-09-27 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers) (Niche attestor). Cadence: Real-time.
Redemption policy: Published
Reserve disclosure: Published, open the disclosure

USDe has no public GENIUS authorization on record and lacks MiCA authorization for EU venues.

Review notes & sources (15)

Latest report: period end 2026-09-27; published 2026-10-10

GENIUS review notes

Reviewed 2026-10-07

Ethena USDe (USDe)

Ethena's Hedged Dollar, Now Mostly Cash and Credit

How does USDe break?

Scenario path · 7 steps

Step by step · 7 steps, each with its evidence

Backing evidence

Custody

Backing mechanics

Exit evidence

Redemption route · Waiting for section

Control evidence

Mint Authority

Control posture

Price feed

Bridging & deployments

Freeze & seizure

Regulatory standing

Dependency context

Variants 2

Key links

Contracts

Explore next

USDe profile facts

USDe quick answers

Ethena USDe (USDe)

Ethena's Hedged Dollar, Now Mostly Cash and Credit

Mechanism

Peg mechanism

Collateral

Collateral

Mechanism review

Reserves

How does USDe break?

Scenario path · 7 steps

Step by step · 7 steps, each with its evidence

Backing evidence

Custody

Backing mechanics

Exit evidence

Redemption route · Waiting for section

Control evidence

Mint Authority

Control posture

Price feed

Bridging & deployments

Freeze & seizure

Regulatory standing

Dependency context

Variants 2

Key links

Contracts

Explore next

Mechanism

Peg mechanism

Collateral

Collateral

Mechanism review

Reserves