Ethena USDe (USDe) stablecoin analytics
Answer First
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?
USDe holds a C+ Safety Score grade (62/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly 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 (monthly custodian report published 2026-09-03 covers the 2026-08-26 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers); 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.
Static Profile
Static stablecoin profile
Ethena USDe (USDe) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Sep 7, 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. At the latest live capture, roughly seven eighths of backing sat in a Liquid Cash basket of stablecoins, DeFi lending, tokenized funds, and institutional loans, with the hedged crypto sleeve reduced to a small minority split between ETH and BTC.
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- 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 2026-09-03 covers the 2026-08-26 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers) Reserve source
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 Sep 7, 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?
USDe holds a C+ Safety Score grade (62/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly 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 (monthly custodian report published 2026-09-03 covers the 2026-08-26 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers); 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: 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%). Reserve evidence: Real-Time PoR from Chaos Labs / Chainlink / Harris & Trotter / LlamaRisk (monthly custodian report published 2026-09-03 covers the 2026-08-26 snapshot; real-time dashboard and monthly custodian reporting are separate evidence layers).
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.
