Ethena USDe
USDEstablecoin$0.9994-0.03% (24h)
Mkt Cap$4.77B
FDV$4.77B
Vol 24h$38.36M
TVLN/A
7d-0.02%
30d-0.05%
ATH$1.03reached Dec 2025
From ATH-3.35%
Market data: 23h ago
Risk score data: 12d ago
AI briefing data: 79d ago
AI Briefing
Grade B · Risky stablecoin
Ethena USDe is a stablecoin with concerning collateralization, unaudited contracts, and regulatory headwinds.
Risk findings (4)
High risk (3)
1.00x collateral ratio indicates minimal buffer
1:1 collateralization leaves no safety margin for liquidations or market stress events.
No independent security audit on record
Unaudited smart contracts pose unknown smart contract and systemic risk to depositors.
BaFin order restricts German operations
April 2025 BaFin order requires winddown of German operations, signaling regulatory friction.
Medium risk (1)
Issuer-controlled upgradeable contracts
Admin keys permit unilateral contract upgrades, creating counterparty and governance risk.
Quick checks
3 pass3 warn2 fail
Audit
Team
GitHub
Supply cap
FDV/MC
Vesting
Liquidity
Regulatory
Investment perspective
+Market cap of $3.98B and $1.00 peg indicate strong ecosystem adoption and user trust despite risks.
+FDV/MC ratio of 1.00 with no supply inflation suggests transparent, predictable tokenomics structure.
+No vesting schedule reduces governance concerns and aligns incentives without lock-up periods.
Read full analysis →
This is AI-generated analysis for informational purposes only, not financial advice. Stablecoins carry unique risks including smart contract vulnerabilities, collateral volatility, regulatory action, and liquidity crises. Always conduct independent due diligence, review audits directly, and consult qualified financial or legal advisors before investing.
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Risk Matrix
| Impact ↓ / Likelihood → | high | medium | low |
|---|---|---|---|
| high | 1 risk | 1 risk | — |
| medium | 1 risk | — | — |
| low | 1 risk | — | — |
Click a cell to expand risks