Ethena USDe
Synthetic dollar backed by delta-neutral derivatives positions across BTC and ETH.
Stablecoin Quality Rating
60/ 100
Developing+10 to Institutional-grade (≥70)+5 pts / 30dData gap: Disclosure Quality · Redemption Liquidity · Structural TrustOCB — 01·Rating breakdown
Methodology v1.6 · Oct 10, 2026USDe across four dimensions
Reserve12 / 25
Redemption20 / 25
Transparency19 / 25
ConcentrationLIMITING9 / 25
Gap to Institutional-grade (≥70)+10
Signal readings
- Top-10 holder pct
- 77.3%
Custody & backing fields are descriptive — published, not scored
OCB — 02·Outstanding supply
$4.76BUSDe supply over time
USDe · Ethena
Outstanding supply (USD)
USDe outstanding supply is $4.76B as of Oct 10, 2026. -11.9% over the prior 30 days.
Source: OCB Quality Ratings · USDe · onchainbenchmark.comUpdated daily
OCB — 03·Rating history
119 readingsUSDe quality rating since coverage began
USDe · Stablecoin Quality Rating
Composite rating (0–100)
USDe rating is 60 as of Oct 10, 2026. +5 points over the prior 30 days.
Source: OCB Quality Ratings · USDe · onchainbenchmark.comUpdated daily
OCB — 04·Deployments
How this instrument's supply is distributed across chains
ChainShare of measured supply
ETHEthereum
100.0%
0x4c9EDD…1E68B3Explorer ↗
ARBArbitrum
bridged — counted on source chain
0x5d3a1F…52ef34Explorer ↗
BASEBase
bridged — counted on source chain
0x5d3a1F…52ef34Explorer ↗
SOLSolana
bridged — counted on source chain
DEkqHyPN…wjEonTExplorer ↗
AVAXAvalanche
bridged — counted on source chain
0x5d3a1F…52ef34Explorer ↗
BNBBNB Chain
bridged — counted on source chain
0x5d3a1F…52ef34Explorer ↗
XPLPlasma
bridged — counted on source chain
0x5d3a1F…52ef34Explorer ↗
RHRobinhood Chain
bridged — counted on source chain
0x5d3a1F…52ef34Explorer ↗
MONMonad
bridged — counted on source chain
0x5d3a1F…52ef34Explorer ↗
MNTMantle
bridged — counted on source chain
0x5d3a1F…52ef34Explorer ↗
ZKSYNCZKsync Era
inactive — not counted
Not collected0x39Fe7a…B3Db0d
OCB — 05·Coverage gaps + diligence
Where coverage is incomplete — and what could narrow it
Methodology
USDe is scored across the same four dimensions as every other rated instrument in its class — Reserve Quality, Redemption Depth, Holder Concentration, and Transparency. Each dimension contributes up to 25 points. The dimension breakdown above shows where the score comes from; the diligence trail shows every verified fact behind it.
Read the full methodology ↗