What is USDe's quality score?

USDe (Ethena) scores 60/100 on OnChain Benchmark's Stablecoin Quality Rating — Developing, as of Oct 10, 2026 (methodology v1.5-stablecoin).

How is USDe's quality score calculated?

OnChain Benchmark scores USDe across four equally weighted dimensions, each out of 25: reserve quality (12/25), redemption depth (20/25), transparency (19/25), holder concentration (9/25). The four add directly to the 60/100 composite. The full rubric is published at onchainbenchmark.com/methodology.

How concentrated is USDe's ownership?

OnChain Benchmark scores USDe's holder concentration 9/25 — one of the four dimensions of its quality rating, measured against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets), across ten of its twenty chains. A higher score means ownership is more broadly distributed; a lower score means it is held by fewer wallets.

What does Developing mean?

Under OnChain Benchmark methodology v1.5-stablecoin, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). USDe scores 60/100, placing it in Developing.

OCB — Quality Rating · Stablecoins

USDe Quality Rating

USDe (Ethena) scores 60/100 on OnChain Benchmark's Stablecoin Quality Rating — rated Developing (methodology v1.5-stablecoin, as of Oct 10, 2026).

Latest onchain read Oct 10, 2026

Updated daily

Quality score

of 100 · Developing

Dimensions measured

of 4

Outstanding supply

$4.76B

as of Oct 10, 2026

Chains

with measured supply

Why USDe scores 60

The biggest gap in USDe's score is how concentrated its ownership is.

The four dimensions carry equal weight; their scores add up to the composite.

Composite

60 / 100

Dimension	Score	Why it scored this
Holder Concentration Ownership is concentrated: the top 10 holders across ten of its twenty chains own 77.3% of the free float on those chains. Upgrade factorA wider holder base, with the top 10 owning 65% or less (14 of 25).	9 / 25	Ownership is concentrated: the top 10 holders across ten of its twenty chains own 77.3% of the free float on those chains. Upgrade factorA wider holder base, with the top 10 owning 65% or less (14 of 25).
Reserve Quality The coin is backed by crypto collateral, which can fall in value, rather than by cash. Upgrade factorReserves held in cash and Treasury bills, confirmed by an auditor (23).	12 / 25	The coin is backed by crypto collateral, which can fall in value, rather than by cash. Upgrade factorReserves held in cash and Treasury bills, confirmed by an auditor (23).
Transparency The reserve reports are current and regular, but they're voluntary rather than required by a regulator. Upgrade factorIssuing through a US trust-chartered company whose auditor is registered with the US audit regulator, the PCAOB (up to 23).	19 / 25	The reserve reports are current and regular, but they're voluntary rather than required by a regulator. Upgrade factorIssuing through a US trust-chartered company whose auditor is registered with the US audit regulator, the PCAOB (up to 23).
Redemption Depth Onchain trading depth is limited: about $26.05M can be sold within 1% of the peg. Upgrade factorMore onchain liquidity: $100.00M or more tradable within 1% of the peg (24 of 25).	20 / 25	Onchain trading depth is limited: about $26.05M can be sold within 1% of the peg. Upgrade factorMore onchain liquidity: $100.00M or more tradable within 1% of the peg (24 of 25).

OCB Instrument

Outstanding supply

Measured onchain daily, summed across every chain the fund is issued on. Latest reading $4.78B.

Source: OCB Quality Ratings · USDe · onchainbenchmark.comMeasured daily · Oct 10, 2026

OCB Instrument

Rating history

USDe’s quality rating, measured daily.

Source: OCB Quality Ratings · USDe · onchainbenchmark.comRecomputed daily · Oct 10, 2026

Key facts

Issuer, rubric and methodology

Issuer: Ethena
Asset class: Stablecoins
Rubric: Stablecoin Quality Rating
Methodology: v1.5-stablecoin
Last scored: Oct 10, 2026
What it is: Synthetic dollar backed by delta-neutral derivatives positions across BTC and ETH.

Chains

Share of measured supply by chain

With measured supply

Chain	Contract	Share of measured supply
Ethereum	0x4c9EDD…1E68B3Explorer ↗	100.0%
Arbitrum	0x5d3a1F…52ef34Explorer ↗	Bridged — counted on source chain
Base	0x5d3a1F…52ef34Explorer ↗	Bridged — counted on source chain
Solana	DEkqHyPN…wjEonTExplorer ↗	Bridged — counted on source chain
Avalanche	0x5d3a1F…52ef34Explorer ↗	Bridged — counted on source chain
BNB Chain	0x5d3a1F…52ef34Explorer ↗	Bridged — counted on source chain
Plasma	0x5d3a1F…52ef34Explorer ↗	Bridged — counted on source chain
Robinhood Chain	0x5d3a1F…52ef34Explorer ↗	Bridged — counted on source chain
Monad	0x5d3a1F…52ef34Explorer ↗	Bridged — counted on source chain
Mantle	0x5d3a1F…52ef34Explorer ↗	Bridged — counted on source chain
ZKsync Era	0x39Fe7a…B3Db0d	Inactive — not counted

Evidence

Verified facts behind the rating

A sample of the verified facts behind USDe’s score. The full diligence trail is in the terminal.

Facts shown

Dimension	Fact	Finding	Verified	Source
Disclosure Quality	Contract address	Contract address verified on Ethereum: 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3 (primary deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources
Disclosure Quality	Contract address	Contract address verified on Arbitrum: 0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34 (Arbitrum deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources

Cite this rating

Reference USDe’s rating

Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.

Plain

OnChain Benchmark (2026). USDe Quality Rating: 60/100 (Developing), as of Oct 10, 2026. Methodology v1.5-stablecoin. https://onchainbenchmark.com/instruments/usde

Harvard

OnChain Benchmark (2026) 'USDe Quality Rating', OnChain Benchmark, Developing, 60/100, methodology v1.5-stablecoin. Available at: https://onchainbenchmark.com/instruments/usde (Accessed: Oct 10, 2026).

BibTeX

@misc{ocb_usde_2026,
  author = {{OnChain Benchmark}},
  title = {{USDe Quality Rating}},
  year = {2026},
  note = {60/100, Developing, methodology v1.5-stablecoin},
  url = {https://onchainbenchmark.com/instruments/usde}
}

Full diligence trail

The interactive terminal shows every verified fact behind USDe's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.

Open in the terminal →Read the methodology →

Dimension

Score

Holder Concentration

Ownership is concentrated: the top 10 holders across ten of its twenty chains own 77.3% of the free float on those chains.

Upgrade factorA wider holder base, with the top 10 owning 65% or less (14 of 25).

9 / 25

Reserve Quality

The coin is backed by crypto collateral, which can fall in value, rather than by cash.

Upgrade factorReserves held in cash and Treasury bills, confirmed by an auditor (23).

12 / 25

Transparency

The reserve reports are current and regular, but they're voluntary rather than required by a regulator.

Upgrade factorIssuing through a US trust-chartered company whose auditor is registered with the US audit regulator, the PCAOB (up to 23).

19 / 25

Redemption Depth

Onchain trading depth is limited: about $26.05M can be sold within 1% of the peg.

Upgrade factorMore onchain liquidity: $100.00M or more tradable within 1% of the peg (24 of 25).

20 / 25

Chain

Share of measured supply

Ethereum

100.0%

Arbitrum