Ethena USDe(USDE)

Token Price$1

24h Change+0.0098%

All Time HighDec 9, 2025$1.03

All Time LowOct 3, 2024$0.93

Key Metrics

$4.604b

4.605b USDE

Volume 24h$31.03m

CEX Volume$6.87m

DEX Volume$23.38m

Risks

How much debt can be issued against USDE as collateral across lending protocols.

Maximum possible exposure to USDE

$1.186b

$316.12m (max additional borrows against USDE) + $869.7m (bad debt if USDE was hacked now)

Aave V3

$803.64m at-risk exposure = $554.95m bad debt if hacked + $248.69m additional borrowable against USDE

Morpho V1

$349.43m at-risk exposure = $314.74m bad debt if hacked + $34.69m additional borrowable against USDE

Fluid

$25.76m at-risk exposure = $72.68 bad debt if hacked + $25.76m additional borrowable against USDE

Tydro

$4.47m at-risk exposure = -- bad debt if hacked + $4.47m additional borrowable against USDE

Euler V2

$1.84m at-risk exposure = $6,958.13 bad debt if hacked + $1.83m additional borrowable against USDE

Venus Core Pool

$674,095.16 at-risk exposure = $104.96 bad debt if hacked + $673,990.2 additional borrowable against USDE

Lista Lending

$46.01 at-risk exposure = $0 bad debt if hacked + $46.01 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.

Protocol	Chain
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$247.14m	$554.95m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$34.67m	$314.59m
Fluid	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$25.66m	$68.12
Tydro	Ink	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$4.47m	—
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$1.82m	$6,956.88
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$884,610.51	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,990.2	$104.96
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$668,154.32	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$102,332.39	$4.56
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$17,938.82	$146,644.85

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Rows per page

Markets

Loading USDE markets...

Token Usage

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Yields

Showing 10 of 30 pools

Pool	Reference	Protocol
1 sUSDeStaked USDe	USDe	Ethena USDe	$1.306b	5.04%	Stable 94	11,826
2 aEthUSDeAave Ethereum USDe	USDe	Aave V3	$630.3m	4.75%0.78%+3.96%	Stable 75	1,702
3 aPlaUSDeAave Plasma USDe	USDe	Aave V3	$432.53m	4.75%0.78%+3.97%	Stable 78
4 USDeEthena Market	USDe	Kamino Lend	$267.72m	0.00%	Stable 100
5 aMonUSDeAave Monad USDe	USDe	Aave V3	$98.33m	5.75%0.30%+5.45%	Stable 88	50
6 srUSDeStrata Senior USDe	USDe	Strata Markets🪂	$22.45m	3.94%	Stable 95	2,473
7 aManUSDeAave Mantle USDe	USDe	Aave V3	$14.53m	4.75%0.03%+4.72%	Stable 84
8 ctUSDeConcrete-USDe-Vault	USDe	Concrete🪂	$13.44m	0.00%	Stable 100	239
9 jrUSDeStrata Junior USDe	USDe	Strata Markets🪂	$7.27m	7.44%	Stable 83	734
10 USDePlus	USDe	Aave V4	$5.07m	6.21%3.43%+2.78%	Mixed 56	0

Page 1 of 3

Borrow

Showing 10 of 74 routes

Use USDEBorrow USDE

Collateral / Borrow	Protocol
1 USDe / tsUSDeStable Pool	EVAA Protocol	+3.91%	4.16%	0.26%	$30,986	94%
2 USDe / GHOPlus / Ethena Ecosystem	Aave V4	+3.63%	6.21%3.43%+2.78%	2.58%	$24,240	93%
3 USDe / BTC.b	Aave V3	+2.86%	3.14%	0.28%	$756,619	70%
4 USDe / tsUSDeMain Pool	EVAA Protocol	+2.75%	3.44%	0.69%	$60,735	70%
5 USDe / WBTC	Dolomite	+2.73%	2.78%	0.05%	$627,543	83.33%
6 USDe / WETH	Dolomite	+2.63%	2.78%	0.15%	$694,591	83.33%
7 USDe / frxUSDPlus / Ethena Ecosystem	Aave V4	+2.26%	6.21%3.43%+2.78%	3.95%	$185,509	93%
8 USDe / USDTPlus / Ethena Ecosystem	Aave V4	+2.22%	6.21%3.43%+2.78%	3.99%	$546,938	93%
9 USDe / USDCPlus / Ethena Ecosystem	Aave V4	+2.17%	6.21%3.43%+2.78%	4.04%	$524,203	93%
10 USDe / DOGE	Venus Core Pool	+1.90%	1.90%	0.00%	$245,602	70%

Page 1 of 8

Protocol	Chain
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$247.14m	$554.95m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$34.67m	$314.59m
Fluid	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$25.66m	$68.12
Tydro	Ink	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$4.47m	—
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$1.82m	$6,956.88
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$884,610.51	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,990.2	$104.96
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$668,154.32	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$102,332.39	$4.56
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$17,938.82	$146,644.85