Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
Chains
Holders on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Ethena USDe savings · 7-day cooldown · 5.09% base, 0% rewards
sUSDe wraps USDe and is issued by Ethena.
sUSDe is the staked form of USDe. A holder deposits USDe into the StakedUSDe contract and receives sUSDe, an ERC20 token built on the ERC4626 vault standard. Ethena's documentation states that "USDe is a synthetic dollar that does not earn rewards". Rewards reach holders only through the staking contract, and Ethena calls them "fully discretionary incentive rewards".
Ethena (BVI) Limited issues USDe, and a subsidiary of the Ethena Foundation maintains sUSDe. On Ethereum sUSDe lives at the StakedUSDe contract, 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497, and its unit price rises as rewards accrue. The dollar reference runs through USDe, the token designed to hold a stable value against the US dollar.
Sources: Ethena docs: Staking USDe, StakedUSDe contract and ERC4626 mechanics, Ethena docs: sUSDe Rewards Mechanism, Blockscout API token record for the sUSDe contract on Ethereum, Ethena documentation, full text (USDe Terms and Conditions, sUSDe)
929.4M sUSDe in circulation across 2 chains, 1 of them holding supply bridged from Ethereum. Ethereum carries 84.6%.
The contracts on the chains listed report 1.1B sUSDe in total, before bridged supply is counted once.
Plasma holds bridged supply: each token there is backed by Ethereum supply, or by a custodian holding it. The total counts each token once, so bridged supply shows on the chain that holds it, marked “bridged from” its source, and comes off the source chain's row.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across sUSDe’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
929.4M sUSDe
Ethereum 84.6% · other chains 15.4%
Ethereum786.2M sUSDe · 84.6%
Plasmabridged from Ethereum143.1M sUSDe · 15.4%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 69.5% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
11,732holders on Ethereum
| sUSDe | |
|---|---|
| Top holder | 12.0% |
| Top 10 | 27.5% |
| Top 50 | 35.9% |
| Top 100 | 39.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
sUSDe is not designed to hold one USD, so DIA does not publish a peg deviation for it.
No peg chart for sUSDe: the map holds no daily price series against a peg for it.
sUSDe does not target one dollar. Ethena states the USDe value of sUSDe "can only increase or stay flat over time". Rewards are transferred into the staking contract every 8 hours and vest linearly over the following 8 hours, which Ethena says prevents a staker from entering just before a payment and leaving straight after it.
The sUSDe unit price is an accrued exchange rate against USDe, not a premium over a peg. When protocol revenue is negative, no discretionary rewards are provided and the exchange rate stays flat.
Sources: Ethena docs: Staking USDe, reward vesting and flat-or-rising value, Ethena docs: sUSDe Rewards Mechanism and weekly APY calculation
$295.5M of sUSDe is supplied to 7 lending markets on 5 protocols, 25.4% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much sUSDe is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed sUSDe again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of sUSDe, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for sUSDe.
Ranks and the median compare sUSDe with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$295.5M25.4% of supply
supplied to 7 lending markets on 5 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
By protocol
98%$290.5MPlasmasUSDe$175.4MEthereumsUSDe$115.1M1%$3.5MEthereumsUSDe$3.5M<1%$799KEthereumsUSDe$545KEthereumsUSDe$254K<1%$695KEthereumsUSDe$695K<1%$46KEthereumsUSDe$46KsUSDe in lending markets, by chain, largest first. The bar is each chain's share of sUSDe's lending balance.
Plasmain 1 lending market59%$175.4MEthereumin 6 lending markets41%$120.1MAmong 41 USD stablecoins in lending markets
Top 5 sUSDe pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
5.09% | 4.98% | OrganicStable | Ethereum | +0.00% | $1.2B | Savings | ||
3.77% | 4.08% | MixedStable | Ethereum | +2.29% | $57.9M | LP | ||
5.53% | 6.16% | MixedStable | Ethereum | +4.05% | $44.2M | LP | ||
7.67% | 13.76% | OrganicStable |  Monad | +0.11% | $20.5M | Lending | ||
4.50% | 4.47% | OrganicStable | Monad | +0.00% | $20.5M | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
sUSDe in pool is sUSDe's own side of the pool, at its USD price. Pool liquidity counts both sides.
$3.8M of sUSDe sits in 12 DEX pools across 4 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼sUSDe in pool | 24h volume |
|---|---|---|---|---|---|
| sUSDe / USDT | Ethereum | $1.5M | $1.4M | $2.2M | |
| sUSDe / frxUSD | Ethereum | $737.1K | $551.2K | $329.5K | |
| GHO / SUSDE | Ethereum | – | $474.7K | $274.7K | |
| USDT0 / SUSDE | Plasma | $674.3K | $410.2K | – | |
| sUSDe / crvUSD | Ethereum | $783.7K | $407.6K | $439.7K | |
| sUSDe / reUSD | Ethereum | $2.2M | $339.7K | $1.7M | |
| SUSDE / USDT | Ethereum | – | $130.0K | $26.8K | |
| sUSDe / sUSDS | Ethereum | $108.5K | $72.4K | $15.3K | |
| sUSDe / USDC | Ethereum | $52.8K | $26.4K | $4 | |
| sUSDe / USDC | Ethereum | $167.2K | $24.1K | $122.3K | |
| SUSDe / USDe | Ethereum | $30.4K | $18.2K | $155.4K | |
| sUSDe / USDT | Ethereum | $11.5K | $11.3K | $0 |
sUSDe wraps USDe; its backing is the USDe it holds.
What sits behind sUSDe
sUSDe is a claim on USDe held in the staking contract. Ethena states the protocol "does not rehypothecate, lend out, or otherwise utilize deposited USDe for any purpose". USDe itself is backed by spot crypto paired with short derivatives positions to hold the combined exposure delta-neutral, alongside liquid stablecoins and short-duration real-world assets held directly. USDe's backing categories also include overcollateralised DeFi lending and institutional lending.
What the attestations cover
Ethena publishes monthly custodian attestations of the assets backing USDe. The November 2025 report recorded USDe supply of $7.286bn. Ethena's transparency dashboard names HT Digital, LlamaRisk and Chainlink as independent verifiers under a proof of reserves programme.
Sources: Ethena docs: Backing Assets overview, delta-neutral and directly held categories, Ethena blog: Custodian Attestations of Assets Backing USDe, November 2025, Ethena transparency dashboard: named proof-of-reserves parties and custodians, Ethena docs: sUSDe Rewards Mechanism, no rehypothecation of staked USDe
Ethereum0x9d39a5de…797a34970x211cc4dd…5e5fe5d2No control settled on this deployment.
Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
No freeze, wipe, pause, mint or upgrade function confirmed
Who licenses sUSDe's issuer and how its reserves are reported.
Ethena's staking documentation carries a jurisdictional restriction: "The acquisition of sUSDe is not offered to persons with their habitual residence or registered office in the European Union or the European Economic Area." Ethena's Terms of Service state that its Italian affiliate, Ethena Italia S.r.l., holds a VASP registration with the Italian Organismo Agenti e Mediatori, and that the company and its affiliates are not registered with any other regulatory body.
Sources: Ethena docs: Staking USDe, EU and EEA acquisition restriction, Ethena documentation, full text (Terms of Service)
None foundlicence tier of Ethena
Reward risk
Rewards depend on funding and basis spread income from the hedging positions. Ethena writes that no rewards may be paid to stakers in periods when the funding and basis spread yield is negative by at least the income generated from staked Ethereum. It says "negative funding periods tend not to persist and revert to a positive mean".
Exit risk
Unstaking is not immediate. A request moves the position into the USDeSilo contract, and USDe becomes withdrawable once the cooldown elapses. Selling sUSDe before then depends on a secondary market, and Ethena states that "neither the Ethena Foundation nor Ethena Labs is planning to actively procure or facilitate creation of any such markets".
Counterparty risk
Ethena documents seven risk categories for USDe: funding, liquidation, custodial, exchange failure, backing assets, stablecoin-related and margin collateral. On custody it writes that the protocol is "reliant upon cooperation and reasonable legal behaviour to facilitate the expedient transfer of any unrealized PnL at risk with an exchange".
Sources: Ethena docs: Risks index listing seven disclosed categories, Ethena docs: Funding Risk, Ethena docs: Custodial Risk, Ethena docs: Staking USDe, cooldown, USDeSilo and secondary market wording
No. Ethena states that the USDe value of sUSDe can only increase or stay flat over time, so its unit price reflects accrued rewards rather than a fixed peg.
sUSDe is a claim on USDe held in the StakedUSDe contract, which Ethena says is not rehypothecated or lent out. USDe in turn is backed by spot crypto hedged with short derivatives, plus liquid stablecoins, short-duration real-world assets, and overcollateralised DeFi and institutional lending.
Ethena publishes monthly custodian attestations of the assets backing USDe. Its transparency dashboard names HT Digital, LlamaRisk and Chainlink as independent verifiers under a proof of reserves programme.
Unstaking is not immediate. A request moves the position into the USDeSilo contract, and USDe can be withdrawn once the cooldown period elapses. Selling sUSDe before then depends on a secondary market existing.
43 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated