Ethena USDe (USDe) stablecoin analytics
USDe is a synthetic dollar that stays near $1 by hedging crypto collateral with equal short positions on derivatives exchanges; yield comes from funding rates.
Static Profile
Static stablecoin profile
Ethena USDe (USDe) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated May 15, 2026
Ethena's USDe is the tokenized basis trade, now 76% backed by liquid stablecoins (mostly USDtb on BUIDL), with the remainder running spot-and-perp-short delta-neutral positions. Ethena's USDe pioneered the delta-neutral stablecoin and became crypto's third-largest — then...
AI summary · drafted by claude-opus-4-7 · reviewed by @TokenBrice on May 15, 2026 · facts as of May 15, 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, Coinbase) 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 freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. 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 May 15, 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 on derivatives exchanges; yield comes from funding rates. The static profile records its US Dollar peg mechanism as: Delta-neutral hedging: spot collateral custodied off-exchange (Copper, Ceffu, Coinbase) with equal short perpetual positions on CEXes (Binance, Bybit, OKX)
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, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for USDe, when applicable, appear in the dossier below.