Overview
Ethena USDe(USDE)
Token Price$1+0.04%over 24h
All Time HighDec 9, 2025$1.03
All Time LowOct 3, 2024$0.93
Key Metrics
Market Cap$4.556b
Fully Diluted Valuation$4.556b
Circ. Supply4.56b USDE
Volume 24h$6.8m
CEX$6.68m
Spot$6.67m
USD Perp$10,071
COIN Perp$0
DEX$114,901
Spot$60,888
USD Perp$54,013
COIN Perp$0
Open Interest$1.25m
CEX$396,180
USD Perp$396,180
COIN PerpN/A
DEX$855,689
USD Perp$855,689
COIN PerpN/A
Token information
Risks
How much debt can be issued against USDE as collateral across lending protocols.
Maximum possible exposure to USDE
$651.18m
$54.75m (max additional borrows against USDE) + $596.44m (bad debt if USDE was hacked now)
Morpho V1
$409.74m at-risk exposure = $372.15m bad debt if hacked + $37.59m additional borrowable against USDE
Aave V3
$240.1m at-risk exposure = $224.25m bad debt if hacked + $15.85m additional borrowable against USDE
Venus Core Pool
$673,566 at-risk exposure = $93.79 bad debt if hacked + $673,472 additional borrowable against USDE
Euler V2
$571,890 at-risk exposure = $5,145 bad debt if hacked + $566,745 additional borrowable against USDE
Fluid
$100,205 at-risk exposure = $28,543 bad debt if hacked + $71,662 additional borrowable against USDE
Methodology and limitations
Showing collateral exposure for USDE on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
- These metrics describe lending exposure only and are not a full protocol risk rating.
- This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
- Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
- Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.
Show exposure details
Each row is one protocol-chain exposure for USDE as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Markets
Token Usage
Token usage needs a subscription
Liquidations
Token liquidations need a subscription
Yields
Showing 10 of 71 pools
Borrow
Showing 10 of 68 routes