More than half of Ethena’s USDe backing is allocated to lending

Ethena’s USDe, a synthetic dollar targeting $1, has 51.2% of its backing allocated to DeFi and institutional lending, according to risk assessor LlamaRisk’s October 12 assessment . The allocation figure does not measure actual borrower drawdowns or cash available for immediate withdrawal. For holders, usable reserve assets and access to an exit near the peg are separate tests. Eligible counterparties can redeem USDe directly with Ethena, subject to its conditions. Other holders rely on secondary markets for an exit. Withdrawing USDe from sUSDe, its staking vault share, requires a separate unstaking process.

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