Ethena shifts USDe backing to DeFi lending and stablecoins

On May 20, Ethena published a transparency dashboard showing a reallocation of USDe reserves. The dashboard lists about 47.7% of USDe backing in DeFi lending strategies and roughly 52.7% in liquid stablecoins, with a small share in institutional lending and crypto-basis positions.

The dashboard shows DeFi lending assets equal to about $2.0 billion. Total backing and reserve funds are listed at approximately $4.51 billion against a USDe supply of roughly $4.45 billion, which yields a reported backing ratio of 101.55%.

The dashboard also includes yield and market metrics. sUSDe annual percentage yield sat near 4%. Average funding rates were reported near 6.8%. Ethena’s share of total crypto open interest was 0.05%, a figure that corresponds to a limited footprint in perpetual futures markets.

Ethena launched USDe using a delta-neutral strategy that paired spot crypto holdings with short perpetual futures to capture funding-rate yield. That approach generated double-digit returns in earlier market conditions. The current reserve breakdown shows a larger allocation to liquid stablecoins and on-chain lending and a smaller allocation to derivatives positions.

Ethena’s dashboard lists integrations and third-party attestations from Chainlink, Chaos Labs, LlamaRisk, HT Digital, Copper.co, Kraken and Anchorage Digital. The dashboard snapshots show USDe trading close to its $1 peg in recent data.

The published figures provide a detailed account of how USDe collateral is allocated across lending, stablecoins, institutional positions and derivatives, and supply the specific amounts and percentages behind the reported backing ratio.