Ethena USDe(USDE)

Token Price$1+0.05%over 24h

All Time HighDec 9, 2025$1.03

All Time LowOct 3, 2024$0.93

Key Metrics

Market Cap$4.551b

Fully Diluted Valuation$4.551b

Circ. Supply4.554b USDE

Volume 24h$8.43m

CEX$8.31m

Spot$8.3m

USD Perp$10,295

COIN Perp$0

DEX$113,738

Spot$60,997

USD Perp$52,741

COIN Perp$0

Open Interest$1.24m

CEX$396,122

USD Perp$396,122

COIN PerpN/A

DEX$841,427

USD Perp$841,427

COIN PerpN/A

Website X/Twitter

Categories:RWA Stablecoins

Risks

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

Maximum possible exposure to USDE

$655.6m

$59.17m (max additional borrows against USDE) + $596.43m (bad debt if USDE was hacked now)

Morpho V1

$408.4m at-risk exposure = $370.17m bad debt if hacked + $38.24m additional borrowable against USDE

Aave V3

$245.85m at-risk exposure = $226.23m bad debt if hacked + $19.62m additional borrowable against USDE

Venus Core Pool

$673,715 at-risk exposure = $94 bad debt if hacked + $673,621 additional borrowable against USDE

Euler V2

$572,006 at-risk exposure = $5,145 bad debt if hacked + $566,860 additional borrowable against USDE

Fluid

$100,216 at-risk exposure = $28,546 bad debt if hacked + $71,670 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
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$34.24m	$325.22m
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$18.29m	$226.23m
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$3.99m	$44.95m
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$884,072	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,621	$94
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$565,346	$5,144
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$451,459	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$71,670	$28,546
Euler V2	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$1,508	$0.85
Morpho V1	Arbitrum	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$22.73	$11.38

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Markets

Loading USDE markets...

Token Usage

Token usage needs a subscription

Liquidations

Token liquidations need a subscription

Yields

Showing 10 of 71 pools

Pool	Reference	Protocol
1 sUSDeStaked USDe	USDe	Ethena USDe	$1.189b	-$13.33m	4.95%	Stable 97	12,233
2 aPlaUSDeAave Plasma USDe	USDe	Aave V3	$613.86m	+$4.24m	0.26%	Stable 92
3 reUSDRe Protocol Deposit Token	reUSD	Re	$342.52m	+$16.5m	6.88%	Stable 98	876
4 aEthUSDeAave Ethereum USDe	USDe	Aave V3	$244.07m	+$3.78m	0.23%	Stable 83	1,726
5 aMonUSDeAave Monad USDe	USDe	Aave V3	$121.38m	-$307,173	1.01%0.02%+1.00%	Stable 99	71
6 USDeEthena Market	USDe	Kamino Lend	$51.2m	-$68.44m	0.00%	Stable 100
7 FRAXUSDeFRAXUSDe	FRAX-USDe	Curve DEX	$34.05m		2.95%<0.01%+2.95%	Stable 95	77
8 FRAXUSDeFRAXUSDe	FRAX-USDe	Convex Finance	$33.94m		4.25%0.01%+4.24%	Stable 94	77
9 aManUSDeAave Mantle USDe	USDe	Aave V3	$32.77m	-$5.91m	<0.01%	Mixed 48
10 reUSDeRe Protocol reUSDe	reUSDe	Re	$30.1m	+$115,641	11.81%	Stable 100	548

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Borrow

Showing 10 of 67 routes

Use USDEBorrow USDE

Collateral / Borrow	Protocol
1 USDe / wstETH	Dolomite	+6.83%	6.97%	0.13%	$15,696	86.96%
2 USDe / weETH	Dolomite	+6.76%	6.97%	0.21%	$122,627	86.96%
3 USDe / UNI	Dolomite	+6.72%	6.97%	0.25%	$3.47m	86.96%
4 USDe / rETH	Dolomite	+5.78%	6.97%	1.18%	$35,820	86.96%
5 USDe / LINK	Dolomite	+5.50%	6.97%	1.46%	$768,749	86.96%
6 USDe / WBTC	Dolomite	+4.43%	6.97%	2.54%	$2.47m	86.96%
7 USDe / BTC.b	Aave V3	+4.28%	4.49%0.57%+3.91%	0.20%	$3.94m	70%
8 USDe / USDT0	Fluid Lending	+4.01%	10.27%	6.26%	$71,672	94%
9 USDe / WETH	Dolomite	+3.27%	6.97%	3.70%	$636,570	86.96%
10 USDe / WETH.e	Aave V3	+3.18%	4.49%0.57%+3.91%	1.30%	$16.94m	70%

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Protocol	Chain
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$34.24m	$325.22m
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$18.29m	$226.23m
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$3.99m	$44.95m
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$884,072	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$673,621	$94
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$565,346	$5,144
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$451,459	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$71,670	$28,546
Euler V2	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$1,508	$0.85
Morpho V1	Arbitrum	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$22.73	$11.38