OCB — Trust Rating
USDe Trust Rating
Ethena · Synthetic dollar backed by delta-neutral derivatives positions across BTC and ETH.
USDe (Ethena) scores 54/100 on OnChain Benchmark's Stablecoin Quality Rating — Elevated Risk band — across four dimensions: reserve quality 12/25, redemption depth 20/25, transparency 18/25, and holder concentration 4/25 (methodology v1.4-stablecoin, as of Aug 26, 2026).
Stablecoin Quality Rating
OCB — 01
USDe across four dimensions
Each dimension is scored out of 25, and the four add directly to the /100 composite — an equal-weight, plain sum. Last scored Aug 26, 2026 on methodology v1.4-stablecoin.
| Dimension | Score |
|---|---|
| Reserve Quality | 12 / 25 |
| Redemption Depth | 20 / 25 |
| Transparency | 18 / 25 |
| Holder Concentration | 4 / 25 |
| CompositeΣ (score) | 54 / 100 |
OCB — 02
OCB Instrument
Outstanding supply
OCB — 03
OCB Instrument
Rating history
OCB — 04
Evidence behind the rating
A sample of the verified facts behind USDe's score. Each finding carries a confidence level; the full diligence trail is in the terminal.
- Disclosure Qualitycontract address95% confidence
Contract address verified on Ethereum: 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3 (primary deployment)
Address confirmed active onchain.
Verified Jun 13, 2026· instrument_deployments registry — chain_id 1 - Disclosure Qualitycontract address95% confidence
Contract address verified on Arbitrum: 0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34 (Arbitrum deployment)
Address confirmed active onchain.
Verified Jun 13, 2026· instrument_deployments registry — chain_id 42161 - Redemption Liquiditydata gap90% confidence
No redemption liquidity data available at time of scoring run.
This gap is re-checked on every scoring run and will close once verifiable data is available.
Verified Jun 13, 2026 - Holder Concentrationholder concentration snapshot90% confidence
Top-10 holders control 10.04% of supply (after excluding protocol-controlled addresses). Concentration track: retail_facing.
Holder snapshot refreshes on a rolling basis and may be up to 36 hours old.
Verified Jun 13, 2026· norm_concentration row observed 1d ago
OCB — 05
Key facts
- Issuer
- Ethena
- Asset class
- Stablecoin
- Chains
- Ethereum · Arbitrum · Base · Solana · Avalanche
- Methodology
- v1.4-stablecoin
- Last scored
- Aug 26, 2026
- Rubric
- Stablecoin Quality Rating
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.