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Ethena's USDe has 51.2% of its $4.76 billion backing allocated to lending, LlamaRisk reports
According to LlamaRisk's October 12 assessment, Ethena's USDe, a synthetic dollar, has 51.2% of its $4.76 billion backing allocated to DeFi (36.9%) and institutional lending (14.3%). This allocation raises concerns regarding redemption liquidity and the recovery of assets, as the figure does not measure actual borrower drawdowns or cash available for immediate withdrawal. Other backing components include 24.9% liquid stablecoins, 17.6% crypto basis, and 6.0% real-world assets.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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