Ethena USDe
Synthetic dollar backed by delta-neutral derivatives positions across BTC and ETH.
Deployments
0x4c9EDD5852cd905f086C759E8383e09bff1E68B3
0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34
0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34
DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT
0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34
USDe across four dimensions
Signal readings
- Top-10 holder pct
- 95.6%
Custody & backing fields are descriptive — published, not scored
USDe supply over time
USDe · Ethena
Outstanding supply (USD)
USDe outstanding supply is $4.95B as of Aug 25, 2026. +9.6% over the prior 30 days.
USDe trust rating since coverage began
USDe · Stablecoin Quality Rating
Composite rating (0–100)
USDe rating is 54 as of Aug 26, 2026. -0 points over the prior 30 days.
What closes the gap — and who closes it
gap:liquidity
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.
Contract address verified on Ethereum: (primary deployment)
Address confirmed active onchain.
Score impact: Confirms onchain existence; feeds custody_verification sub-signal
Contract address verified on Arbitrum: (Arbitrum deployment)
Address confirmed active onchain.
Score impact: Confirms onchain existence; feeds custody_verification sub-signal
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.
Score impact: Top-10 at 10.04% feeds holder_concentration sub-signal
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 →