Ethena USDe(USDE)

Token Price$1

24h Change+0.027%

All Time HighDec 9, 2025$1.03

All Time LowOct 3, 2024$0.93

Key Metrics

$4.666b

4.667b USDE

Volume 24h$48.37m

CEX Volume$17.52m

DEX Volume$29.97m

Risks

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

Maximum possible exposure to USDE

$1.213b

$292.82m (max additional borrows against USDE) + $919.74m (bad debt if USDE was hacked now)

Aave V3

$819.04m at-risk exposure = $594.98m bad debt if hacked + $224.06m additional borrowable against USDE

Morpho V1

$360.77m at-risk exposure = $324.74m bad debt if hacked + $36.03m additional borrowable against USDE

Fluid

$25.77m at-risk exposure = $72.71 bad debt if hacked + $25.77m 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 = $22,750.58 bad debt if hacked + $1.81m additional borrowable against USDE

Venus Core Pool

$674,111.35 at-risk exposure = $108.64 bad debt if hacked + $674,002.71 additional borrowable against USDE

Lista Lending

$46 at-risk exposure = $0 bad debt if hacked + $46 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	$222.68m	$594.98m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$36.01m	$324.59m
Fluid	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$25.67m	$68.14
Tydro	Ink	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$4.47m	—
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$1.81m	$22,749.33
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$884,625.97	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$674,002.71	$108.64
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$498,693.51	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$102,369.95	$4.56
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$17,934.4	$146,706.23

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Rows per page

Markets

Loading USDE markets...

Token Usage

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Yields

Showing 10 of 29 pools

Pool	Reference	Protocol
1 sUSDeStaked USDe	USDe	Ethena USDe	$1.301b	5.06%	Stable 94	11,831
2 aEthUSDeAave Ethereum USDe	USDe	Aave V3	$657.14m	4.75%0.70%+4.05%	Stable 76	1,700
3 aPlaUSDeAave Plasma USDe	USDe	Aave V3	$449.87m	4.75%0.63%+4.12%	Stable 79
4 USDeEthena Market	USDe	Kamino Lend	$261.58m	0.00%	Stable 100
5 aMonUSDeAave Monad USDe	USDe	Aave V3	$86.51m	5.75%0.27%+5.48%	Stable 89	49
6 srUSDeStrata Senior USDe	USDe	Strata Markets🪂	$20.69m	3.95%	Stable 95	2,472
7 aManUSDeAave Mantle USDe	USDe	Aave V3	$13.65m	4.75%0.02%+4.73%	Stable 85
8 ctUSDeConcrete-USDe-Vault	USDe	Concrete🪂	$13.44m	0.00%	Stable 100	239
9 jrUSDeStrata Junior USDe	USDe	Strata Markets🪂	$7.26m	7.25%	Stable 82	733
10 USDePlus	USDe	Aave V4	$5.07m	6.41%2.87%+3.54%	Mixed 57	0

Page 1 of 3

Borrow

Showing 10 of 74 routes

Use USDEBorrow USDE

Collateral / Borrow	Protocol
1 USDe / tsUSDeStable Pool	EVAA Protocol	+3.93%	4.18%	0.26%	$30,993	94%
2 USDe / GHOPlus / Ethena Ecosystem	Aave V4	+3.83%	6.41%2.87%+3.54%	2.58%	$24,241	93%
3 USDe / tsUSDeMain Pool	EVAA Protocol	+2.90%	3.59%	0.69%	$60,741	70%
4 USDe / BTC.b	Aave V3	+2.87%	3.14%	0.27%	$937,055	70%
5 USDe / WBTC	Dolomite	+2.73%	2.78%	0.05%	$639,422	83.33%
6 USDe / USDCPlus / Ethena Ecosystem	Aave V4	+2.65%	6.41%2.87%+3.54%	3.76%	$693,510	93%
7 USDe / WETH	Dolomite	+2.63%	2.78%	0.15%	$699,649	83.33%
8 USDe / USDTPlus / Ethena Ecosystem	Aave V4	+2.61%	6.41%2.87%+3.54%	3.80%	$658,284	93%
9 USDe / frxUSDPlus / Ethena Ecosystem	Aave V4	+2.43%	6.41%2.87%+3.54%	3.97%	$12,386	93%
10 USDe / DOGE	Venus Core Pool	+1.90%	1.90%	0.00%	$244,875	70%

Page 1 of 8

Protocol	Chain
Aave V3	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$222.68m	$594.98m
Morpho V1	Base	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$36.01m	$324.59m
Fluid	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$25.67m	$68.14
Tydro	Ink	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$4.47m	—
Euler V2	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$1.81m	$22,749.33
Aave V3	Avalanche	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$884,625.97	—
Venus Core Pool	BSC	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$674,002.71	$108.64
Aave V3	MegaETH	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$498,693.51	—
Fluid	Plasma	USDe0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34	$102,369.95	$4.56
Morpho V1	Ethereum	USDe0x4c9edd5852cd905f086c759e8383e09bff1e68b3	$17,934.4	$146,706.23