LlamaRisk: 51.2% of Ethena's USDe backing sits in lending
- —36.9% of USDe backing is in DeFi lending, 14.3% in institutional lending
- —Liquid stablecoins make up 24.9%, crypto basis 17.6% and real-world assets 6.0%
- —Redemption ceiling is 20 million USDe per block versus 200 million for minting
- —Direct redemption is limited to KYC-verified Mint Users; others exit via secondary markets
Why it matters: The heavy lending allocation means USDe redemptions depend on Aave and Morpho pool liquidity rather than instantly available cash.
Source: CryptoSlate