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Ethena says USDe backing is mostly in DeFi and institutional lending

LlamaRisk’s October 12 assessment also shows USDe has $4.76 billion backing matched to 4.76 billion USDe outstanding, with additional allocations including liquid stablecoins and real-world assets.

Reported · Written up by our desk · Market Structure

Crypto risk assessor LlamaRisk’s Oct. 12 snapshot shows Ethena’s synthetic dollar, USDe, had 51.2% of its backing allocated to DeFi and institutional lending.

The assessment cautions that the allocation figure is not the same as borrower drawdowns or cash available for immediate withdrawal, and it notes that redemption access for holders depends on Ethena’s conditions and separate liquidity tests for other exit routes.

LlamaRisk said eligible counterparties can redeem USDe directly with Ethena, while other holders typically rely on secondary markets, and withdrawals from sUSDe require a separate unstaking process.

Across the pool, the snapshot reports $4.76 billion of backing against 4.76 billion USDe outstanding, with lending allocations split into 36.9% DeFi and 14.3% institutional, plus 24.9% liquid stablecoins, 17.6% crypto basis, and 6.0% real-world assets.

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