Ethena Labs
Ethena Labs issues USDe, a delta-neutral synthetic dollar backed by staked ETH and offsetting short perpetual positions.
ethena.fi ↗Aggregate quality score
60/ 100
Weighted by outstanding supplyTracked capital$4.78B
Instruments1
OCB — 01·Coverage
$4.78B total tracked capital1 instrument under coverage
| Instrument | Class | Score | Tier | Supply (USD) | Trace |
|---|---|---|---|---|---|
| USDe | Stablecoin | 60 | DEVELOPING | $4.78B |
OCB — 02·Score history
89 readingsEthena Labs — aggregate quality score, 90 days
Ethena Labs — Aggregate Quality Score
Weighted-average composite score (0–100)
Fig 1
Ethena Labs aggregate quality score is 60 as of Oct 10, 2026, weighted by outstanding supply across 1 rated instrument.
Source: OCB Quality Ratings · Ethena Labs · onchainbenchmark.comUpdated daily
OCB — 03·Issuer metadata
Regulatory standing and governance
- Jurisdiction
- British Virgin Islands
- Regulatory status
- No supervising regulator identified for the issuer
- Last audit
- April 30, 2026
- Legal structure
- Ethena (BVI) Limited, British Virgin Islands company
- Change control
- multi-signer
- Homepage
- https://ethena.fi ↗
Methodology
Each instrument under Ethena Labs is scored independently across four dimensions — Reserve Quality, Redemption Depth, Transparency, and Holder Concentration — contributing up to 25 points each. The aggregate score shown here is weighted by outstanding supply across 1 rated instrument.
Read the full methodology →