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
1.6% of USD stablecoin supply · 4th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
3rd of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
9th of 43 USD stablecoins scanned 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
USDe is a USD stablecoin issued by Ethena, launched in Feb 2024.
USDe's supply stood at $14.7 billion on 9 October 2025. The market crash the next day pushed USDe as low as 65 cents on Binance, while its move on Curve stayed under 100 basis points. Ethena says USDe is integrated across every major centralised exchange. Its site lists USDe balances on Bybit, Coinbase, Robinhood and Binance.
USDe is not a cash-backed stablecoin. Ethena Labs calls it a synthetic dollar.
How the dollar value is produced
Ethena's documentation describes a "delta-neutral backing" design: the protocol holds a portfolio of backing assets and hedges the price-change risk of the volatile ones. Volatile holdings, listed as spot crypto, tokenized equities and tokenized commodities, are paired with short futures positions of approximately the same notional size. Stable holdings, listed as liquid stablecoins and short-duration real-world assets, carry no hedge. The explainer sets out how that differs from a reserve-backed USD token.
Who can mint
Minting is permissioned. Ethena states that a whitelisted user provides roughly $100 of USDT and receives roughly 100 newly minted USDe atomically, less execution costs, while the protocol opens the matching short perpetual position. Redemption reverses that, with slippage and execution fees applied. Retail holders acquire USDe on secondary markets.
Sources: Ethena docs: How USDe Works, Ethena official site, HT Digital Proof of Reserves for Ethena (Total Token Supply), Binance API: USDEUSDT klines (October 2025 low), Curve prices API: USDe/USDC pool OHLC
4.6B USDe in circulation across 20 chains, 19 of them holding supply bridged from Ethereum. Ethereum carries 55.2%. That is 1.6% of the USD stablecoin supply on the map, 4th largest of 70.
The contracts on the chains listed report 6.6B USDe in total, before bridged supply is counted once.
Plasma, Base, Robinhood Chain, Solana, Monad, TON, BSC, Mantle, Avalanche, X Layer, Berachain, Hyperliquid L1, Arbitrum, Optimism, Blast, Linea, zkSync, Scroll, Metis hold 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 USDe’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
4.6B USDe
1.6% of all USD stablecoin supply, #4 of 70
Ethereum 55.2% · other chains 44.8%
Ethereum2.5B USDe · 55.2%
Plasmabridged from Ethereum558.3M USDe · 12.2%
Basebridged from Ethereum363.9M USDe · 8.0%
Robinhood Chainbridged from Ethereum357.7M USDe · 7.8%
Solanabridged from Ethereum314.3M USDe · 6.9%
Monadbridged from Ethereum116.3M USDe · 2.5%
TONbridged from Ethereum94.5M USDe · 2.1%
BSCbridged from Ethereum78.4M USDe · 1.7%
Mantlebridged from Ethereum74.1M USDe · 1.6%
Avalanchebridged from Ethereum54.4M USDe · 1.2%
X Layerbridged from Ethereum17.3M USDe · 0.4%
Berachainbridged from Ethereum11.6M USDe · 0.3%
Hyperliquid L1bridged from Ethereum7.2M USDe · 0.2%
Arbitrumbridged from Ethereum1.9M USDe · <0.1%
Optimismbridged from Ethereum24.9K USDe · <0.1%
Blastbridged from Ethereum17.2K USDe · <0.1%
Lineabridged from Ethereum6.5K USDe · <0.1%
zkSyncbridged from Ethereum2.6K USDe · <0.1%
Scrollbridged from Ethereum2.0K USDe · <0.1%
Metisbridged from Ethereum372 USDe · <0.1%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 99.0% 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. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Blockscout.
47,171holders on Ethereum
9th of 43 USD stablecoins on Ethereum
| USDe | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 4.3% | 16.5% |
| Top 10 | 18.6% | 53.3% |
| Top 50 | 20.3% | 57.0% |
| Top 100 | 20.3% | 74.7% |
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.
USDe's typical daily move over the last 90 days was 3.0 bps, steadier than 51 of 66 other USD stablecoins.
By default USDe sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much USDe's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
3.0 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDe's daily swings around $1 were smaller than those of 51 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 USDe | −13 bps (−0.13%) | 3.3 bps | 3.0 bps | −162 bps (−1.62%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$1.4B of USDe is supplied to 25 lending markets on 12 protocols, 30.0% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USDe 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 USDe 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 USDe, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USDe.
Both figures are averages across markets, weighted by how much USDe each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 75% of the balance report an APY.
Ranks and the median compare USDe 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.
$1.37B30.0% of supply
supplied to 25 lending markets on 12 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
4%
Borrowed
share of supplied USDe now on loan
0.24%
Average supply APY
weighted by USDe balance in each market
By protocol
Monad, Plasma73%$999.1MPlasmaUSDe$577.8M0.26%5%EthereumUSDe$272.4M0.22%4%MonadUSDe$116.1M0.26%5%MantleUSDe$32.8M<0.01%<1%AvalancheUSDe$9K0.85%17%
19%$259.3MSolanaUSDe$259.3M<1%4%$61.3MAvalancheUSDe$31.2MEthereumUSDe$30.1M<0.01%<1%3%$47.0MSolanaUSDe$47.0M<1%
<1%$988KEthereumUSDe$942K<1%ArbitrumUSDe$46K
<1%$448KHyperliquid L1USDe / UBTC$266K13.42%92%Hyperliquid L1USDe / WHYPE$85K13.34%92%EthereumUSDe / eUSDe$59K10.82%86%Hyperliquid L1USDe / WHYPE$14K8.56%62%Hyperliquid L1USDe / UBTC$12K20.79%94%EthereumUSDe$8KHyperliquid L1USDe / hbUSDT$2K0.67%79%Hyperliquid L1USDe / UETH$2K<0.01%8%
Hyperliquid L1, TON<1%$394KHyperliquid L1USDe$293K6.30%81%Hyperliquid L1USDe$43K1.68%37%BSCUSDe$37K1.77%56%EthereumUSDe$11K0.59%32%TONUSDe$9K80%ArbitrumUSDe$1K9.21%81%USDe in lending markets, by chain, largest first. The bar is each chain's share of USDe's lending balance.
Plasmain 1 lending market42%$577.8MSolanain 2 lending markets22%$306.3MEthereumin 6 lending markets22%$303.5MMonadin 1 lending market8%$116.1MMantlein 1 lending market2%$32.8MAvalanchein 2 lending markets2%$31.2MHyperliquid L1in 8 lending markets<1%$718KArbitrumin 2 lending markets<1%$47K
Other (2 chains)<1%$46KAmong 41 USD stablecoins in lending markets
Top 5 USDe 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 | ||
0.26% | 0.26% | OrganicStable | Plasma | +0.00% | $577.6M | Lending | ||
5.00%Rewards only | 4.81% | IncentiveStable | Robinhood Chain | +5.00% | $360.9M | Lending | ||
5.00%Rewards only | 4.81% | IncentiveStable | Base | +5.00% | $351.9M | Lending | ||
0.22% | 0.23% | OrganicStable | Ethereum | +0.00% | $272.4M | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026. The 30 largest of 39 pools by USDe held.
USDe in pool is USDe's own side of the pool, at its USD price. Pool liquidity counts both sides.
$26.9M of USDe sits in 39 DEX pools across 13 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USDe in pool | 24h volume |
|---|---|---|---|---|---|
| USDe / FRAX | Ethereum | $34.0M | $8.2M | $21.4K | |
| USDe / USDC | Ethereum | $2.4M | $2.3M | $405.8K | |
| USDe / PYUSD | Solana | $2.2M | $1.9M | $2.6M | |
| USDe / USDG | Solana | $1.5M | $1.5M | $328.9K | |
| USDe / USDC | Ethereum | $1.6M | $1.3M | $18.0M | |
| COMPUTE.r / USDe | Berachain | $2.2M | $1.3M | $709 | |
| USDe / USDT | Solana | $2.5M | $1.3M | $0 | |
| MNT / USDe | Ethereum | $3.2M | $953.7K | $47.6K | |
| USDe / USDC | Mantle | $1.4M | $922.3K | $1.1K | |
| USDe / USDT | Mantle | $1.5M | $875.7K | $424 | |
| USDe / USDG | Solana | $1.5M | $791.8K | $405.5K | |
| USDE / USDT | Ethereum | – | $781.6K | $983.8K | |
| USDe / USDG | Robinhood Chain | $999.3K | $597.7K | $28.1K | |
| USDe / USDT0 | Mantle | $995.6K | $490.4K | $1.5K | |
| USDe / USDC | Base | $1.0M | $490.2K | $41.9K | |
| USDe / USDT0 | Mantle | $1.0M | $452.1K | $41 | |
| USDe / USDC | Avalanche | $503.0K | $395.4K | $55.6K | |
| USDe / BUSD | Berachain | $1.1M | $370.3K | $590 | |
| USDe / USDT | Ethereum | $1.0M | $359.2K | $11.2M | |
| USDT0 / USDE | Plasma | $718.4K | $319.4K | – | |
| USDe / USDC | Ethereum | $492.1K | $318.1K | $113.4K | |
| USDe / USDC | Ethereum | $991.7K | $281.9K | $8.4M | |
| USDe / crvUSD | Ethereum | $317.3K | $154.9K | $44.2K | |
| USDE / USDTB | Ethereum | – | $112.0K | $20.2K | |
| USDe / USDT | Ethereum | $426.4K | $108.7K | $1.9M | |
| USDe / DAI | Ethereum | $140.1K | $81.6K | $5.0K | |
| USDe / USDT | Ethereum | $42.9K | $39.1K | $111 | |
| mkUSD / USDe | Ethereum | $109.3K | $36.0K | $21 | |
| USDE / GHO | Arbitrum | – | $34.9K | $29.0K | |
| OUSD / USDe | Ethereum | $51.1K | $33.2K | $5.7K |
USDe is designed to be backed by other stablecoins.
The transparency dashboard
The dashboard shows the protocol backing ratio, total backing assets plus reserve fund, USDe total supply, secondary market price, and a category breakdown of backing assets. It presents monthly custodian attestations from four custodians: Copper, Ceffu, Anchorage Digital and Kraken. The documentation says these monthly attestations validate the existence, control and value of the backing assets, and states that none of the backing assets reside directly on any exchange partner.
The dashboard also names HT Digital, LlamaRisk and Chainlink's Proof of Reserves programme as independent third-party verification of the backing assets.
What the attestations cover
A custodian attestation confirms assets sit with a custodian. The November 2025 report also included a Binance account statement showing the total value of Ethena's mirrored Binance account.
The reserve fund
Ethena describes the reserve fund as a pool of protocol-held assets acting as an additional margin of safety, funded from revenue during high-revenue periods. Its documentation states that 0% of revenue is currently directed to the reserve fund, with 100% going to incentive rewards, promotional distributions and distribution incentives. No current balance is given in the documentation; it points to the dashboard.
Sources: Ethena transparency dashboard, Ethena docs: Custodian Attestations, Ethena blog: Custodian Attestations of Assets Backing USDe, November 2025, Ethena docs: Reserve Fund
Ethereum0x5d3a1ff2…1a52ef34No control settled on this deployment.
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0x4c9edd58…ff1e68b3mint(address,uint256)0x5d3a1ff2…1a52ef34No control settled on this deployment.
0x5d3a1ff2…1a52ef34No control settled on this deployment.
0x5d3a1ff2…1a52ef340x5d3a1ff2…1a52ef34No control settled on this deployment.
0x5d3a1ff2…1a52ef34No control settled on this deployment.
0x5d3a1ff2…1a52ef340x5d3a1ff2…1a52ef34No control settled on this deployment.
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0x5d3a1ff2…1a52ef34DEkqHyPN7G…iCwjEonTfreezeAuthoritymintAuthorityEQAIb6Kmdf…uu2dzP5fjetton_wallet.get_status()get_jetton_data(): mintable, admin_address0x5d3a1ff2…1a52ef34No control settled on this deployment.
0x39fe7a0d…f0b3db0dNo 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.
Contract can freeze · mint
Independent reserve attestations are published monthly.
USDe has been through a European enforcement action, and the record is public.
The BaFin sequence
Ethena GmbH applied to BaFin in July 2024 for authorisation to issue USDe. BaFin imposed supervisory measures on 21 March 2025 and cited serious deficiencies in the business organisation of Ethena GmbH plus infringements of MiCAR requirements. Ethena GmbH withdrew the application on 3 April 2025. BaFin issued a coercive fine of 600,000 euros on 4 April 2025 and ordered the winding-up of the authorisation-requiring business on 14 April 2025. Ethena GmbH lodged an objection on 22 April 2025.
On 25 June 2025 BaFin instructed Ethena GmbH to wind up business and opened a 42-day redemption window closing 6 August 2025, supervised by a BaFin-appointed special representative. BaFin stated that from 7 August 2025 any claims may only be asserted against Ethena (BVI) Limited, and that USDe issued by Ethena GmbH will only be exchanged for USDC.
There is no EU authorisation for USDe issuance.
Sources: BaFin: Ethena GmbH winding-up order, BaFin: Ethena GmbH redemption process
Ethena documents its own risk surface. Four items are specific to USDe.
The regulatory item sits alongside them: BaFin ordered the German issuing entity wound up, and claims moved to a BVI entity.
Sources: Ethena docs: Funding Risk, Ethena docs: Custodial Risk, Ethena docs: Reserve Fund
Ethena describes a delta-neutral portfolio: spot crypto, tokenized equities and tokenized commodities hedged with short futures of roughly equal notional size, plus liquid stablecoins and short-duration real-world assets that carry no hedge. Its backing categories also include overcollateralised DeFi lending and institutional lending.
Ethena publishes monthly custodian attestations covering assets held with Copper, Ceffu, Anchorage Digital and Kraken. HT Digital, named on Ethena's transparency dashboard, states that it performs quarterly assurance engagements under ISAE 3000 on the reserves backing USDe.
No. Ethena states that only whitelisted users mint and redeem. Other holders buy and sell USDe on secondary markets.
No. Ethena GmbH withdrew its authorisation application on 3 April 2025, and BaFin ordered the business wound up with a redemption window that closed on 6 August 2025.
42 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
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -200 bps to +50 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 4 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
USDeSource: DeFiLlama and CoinGecko prices Updated