VENUEVERITAS

STABLECOIN EVIDENCE

USDe

Synthetic delta-neutralPeg USDEthena USDe

Synthetic USD soft-peg maintained primarily by delta-neutral hedges (spot/collateral + short derivatives), not by a fiat cash reserve claim. Collateral custody and derivatives venues are distinct. Live composition % unresolved as a dated snapshot.

Compare USDC vs USDeInspect primary evidence

Detail ready with disclosure · Core-10 evidence

What backs this stablecoin?

Structural support model — not a fiat reserve percentage chart.

COLLATERAL

Liquid stables, DeFi lending, RWA, institutional lending and related sleeves — not Ethena fiat cash reserves. Live mix % unresolved (CURRENT structure; LIVE_COMPOSITION_UNRESOLVED).

DERIVATIVES HEDGE

Short perpetual / futures hedges (crypto basis). Must not be labeled “reserves.” Venues named in June 2026 cite include Binance, Bybit, OKX, INTX — live allocation unresolved.

CUSTODY

Off-exchange settlement / institutional custodians named in docs: Copper, Ceffu, Kraken, Anchorage Digital. Per-custodian $ not structured this pass.

RESERVE / INSURANCE FUND

Protocol Reserve Fund referenced in Ethena disclosures (absorbs negative funding stress). Exact live balance not packed as CURRENT composition here.

Backing Flow

Holder → issuer or protocol → backing → custody or hedge → verification. Unknown links stay labeled UNKNOWN.

HolderToken holder
ProtocolEthena protocol / Mint Users
CollateralCollateral book
CustodyOES custody (Copper / Ceffu / Kraken / Anchorage …)
Derivatives HedgeDerivatives hedge
VenueUNKNOWN

Can you redeem it directly?

Exchange trading is not issuer redemption.

Direct issuer redemption

Eligibility restricted

Eligible
Whitelisted Mint Users only
KYC
Required
Minimum
Not published
Fee
Not published

Who controls what?

Who can mint, freeze, pause, upgrade, or govern — as evidence, not a safety score.

ControlPresentControllerEvidenceSource
MintYESEthenaMinting minter roleVERIFIED—
FreezeNOUNKNOWNVERIFIED—
BlacklistUNKNOWNUNKNOWNUNRESOLVED—
PauseYESGATEKEEPERVERIFIED—
UpgradeUNKNOWNUNKNOWNUNRESOLVED—
GovernanceYESEthena governance / Risk CommitteeVERIFIED—

Mint

YES

ControllerEthenaMinting minter role

Freeze

NO

ControllerUNKNOWN

USDe transfers: no freeze per docs; sUSDe has restrict roles

Blacklist

UNKNOWN

ControllerUNKNOWN

Pause

YES

ControllerGATEKEEPER

Can disable mint/redeem

Upgrade

UNKNOWN

ControllerUNKNOWN

Governance

YES

ControllerEthena governance / Risk Committee

How is the backing independently checked?

Report type matters.

Reserve attestation

Reserve attestation — not a full financial-statement audit.

Provider
Unknown
Report
Monthly custodian attestations of assets backing USDe
Report date
—
Covered assets
Custodied backing assets (when attestation extracted)
Covered liabilities
Unknown
Scope limitation
Latest $ tables not structured as CURRENT composition this pass

Inspect primary evidence

Proof of reserves

Proof-of-reserves style disclosure — scope and coverage vary by provider.

Provider
Unknown
Report
Weekly proof-of-reserves reporting
Report date
—
Covered assets
Unknown
Covered liabilities
Unknown
Scope limitation
—

Smart-contract audit

Smart-contract security review — does not prove reserve backing.

Provider
Unknown
Report
Multiple smart-contract audits
Report date
—
Covered assets
Unknown
Covered liabilities
Unknown
Scope limitation
Contract audit ≠ reserve audit

What does this stablecoin depend on?

Structural dependencies only.

  • OES custodians
  • Derivatives venues
  • Liquid stables / RWA sleeves
  • Oracles / PoR attestors
  • Ethereum

Material history

Verified research-pack events only — not a sensational timeline.

  • Hedge event2025-02-21Bybit incident — secondary discount / hedge PnL (research pack)

Answer-first evidence blocks

What backs USDe?

A synthetic structure: collateral sleeves plus derivatives hedges under OES custody — not a published fiat cash/Treasury reserve mix as CURRENT composition.

Is USDe backed by dollars?

Not as a classic fiat-reserve token. Support comes from collateral (including liquid stables and other sleeves) and delta-neutral hedges. Do not equate to USDC-style cash reserves.

How does USDe maintain its peg?

Primarily delta-neutral hedging plus eligible mint/redeem arbitrage for Mint Users.

Where is USDe collateral held?

Docs name OES / institutional custodians including Copper, Ceffu, Kraken, and Anchorage Digital. Per-custodian amounts unresolved here.

What role do derivatives play?

Short hedges offset spot/collateral exposure. Derivatives are a hedge layer — not “reserves.”

Regulatory structure

  • No authorization instrument located this pass for Ethena BVI.

Unresolved / open gaps

  • LIVE_COMPOSITION_UNRESOLVED
  • Latest custodian attestation $ tables not structured
  • Collateral custody ≠ derivatives venue exposure.
  • Live Transparency UI not preserved as dated reproducible snapshot (2026-08-29).

Related evidence links

Stablecoin Evidence interface. No safety score. No investment recommendation. Unresolved evidence remains unresolved.