Ethena USDe

USDEstablecoin

Website ↗

How is this score calculated?

$0.9998-0.01% (24h)

Mkt Cap$4.01B

FDV$4.01B

Vol 24h$73.94M

TVLN/A

7d+0.02%

30d+0.04%

ATH$1.03reached Dec 2025

From ATH-3.31%

Market data: 17h ago

Risk score data: 10d ago

AI briefing data: 10d ago

AI Briefing

Ethena USDe is a $4.43B stablecoin maintaining a $1.00 peg with 4.44B circulating supply and FDV/MC ratio of 1.00, indicating full dilution. The protocol operates without disclosed audit findings, no identified vesting schedule, and maintains a 1.00x collateral ratio. Critical vulnerabilities include upgradeable contracts controlled by the issuer, creating unilateral counterparty risk, and regulatory headwinds evidenced by a BaFin-mandated winddown in Germany (April 2025). Low 24h volume ($34.34M) relative to supply suggests illiquidity concentration. Missing data on TVL, protocol revenue, on-chain activity, and developer velocity prevents comprehensive risk assessment. The project presents moderate systemic risk with elevated governance and regulatory concerns.

Red Flags

Contracts upgradeable by issuer—unilateral protocol changes possible without governance constraints.Collateral ratio 1.00x—zero safety buffer; any collateral decline triggers insolvency.No public audit found—$4.43B asset pool managed without transparent security review.Regulatory restriction: Germany BaFin order (April 2025) mandates winddown—market access risk.Daily volume $34.34M vs. $4.43B supply—0.77% turnover suggests liquidity concentration.

Risk Matrix

Impact ↓ / Likelihood →	high	medium	low
high	1 risk	1 risk	—
medium	1 risk	—	—
low	1 risk	—	—

Click a cell to expand risks

Dimension Breakdown

Smart Contract Risk (25%)55

Reserve Backing (20%)30

Adoption & Liquidity (20%)38

Issuer Transparency (15%)65

Regulatory Standing (10%)25

Peg Stability (10%)80

Risk Score

Computed 7/6/2026 · v2.3 · coverage 100% · confidence 87%

How is this score calculated?

All Flags (4)

• Contracts upgradeable by issuer — counterparty risk
• Collateral ratio 1.00x — under-collateralised
• Low daily turnover relative to supply
• Restricted: Germany (BaFin order, April 2025 — required winddown of German operations)

Not Assessed (1)

· No audit on file — not assessed

About

Synthetic dollar stablecoin from Ethena Labs; peg maintained via delta-neutral short perpetual futures positions. Distinct from the ENA governance token.