Overview
USDe is a crypto-native “synthetic dollar” launched by Ethena on Ethereum. It derives its relative peg stability from executing automated and programmatic delta-neutral hedges with respect to the underlying backing assets.
sUSDe implements the ERC4626 Token Vault Standard, and is the staked version of USDe. There is no minimum staking period. If a user stakes and unstakes in consecutive blocks, they would receive their share of any increase in vested USDe value in the contract.
Token Risk
USDe is slightly riskier than other stablecoins listed on Euler Prime, and our recommendations reflect that additional risk.
| Token | S&P Global Risk Rating | Report |
|---|---|---|
| USDC | Strong (2) | Link |
| USDS | Constrained (4) | Link |
| USDe | Weak(5) | Link |
Onchain Summary
USDe
- Total Supply: 5.2B
- DEX Liquidity: $95.02M
- ~72% Liquidity is in Curve
- DEX Daily Volume: $32.7M
sUSDe
- Total Supply: 2.7B
- DEX Liquidity: $71.02M
- ~74% Liquidity is in Curve
- DEX Daily Volume: $20.16M
Cap Recommendations
| Token | Supply Cap | Borrow Cap |
|---|---|---|
| USDe | 25M | 22.5M |
| sUSDe | 8M | N/A |
Caps are roughly 25-30% of DEX liquidity; the Borrow Cap for USDe is set to 90% of the Supply Cap. sUSDe is recommended not to be borrowable.
Interest Rate Curve Recommendations
USDe
Supply and Borrow demand for USDe is expected to be similar to other RLUSD/USDS/USDtb on Euler Prime. We will recommend the same parameters for the USDe interest rate curve:
- Kink utilization of 90%
- Kink borrow APY of 5.5%
- Max APY of 40%
sUSDe
sUSDe is recommended to be a collateral-only token; thus, no interest rate needs to be set.
LLTV Recommendations
USDe
We recommend setting LLTV as 2% below the LLTV rates for USDS on Euler Prime. Borrow LTVs are recommended as two percentage points less than the recommended LLTVs.
| Collateral | Debt | lltv |
|---|---|---|
| cbETH | USDe | 78% |
| weETH | USDe | 78% |
| wstETH | USDe | 81% |
| LBTC | USDe | 82% |
| WETH | USDe | 83% |
| WBTC | USDe | 84% |
| cbBTC | USDe | 84% |
| wM | USDe | 88% |
| ezETH | USDe | 75% |
| rETH | USDe | 75% |
| rsETH | USDe | 75% |
| tETH | USDe | 75% |
| sUSDS | USDe | 92% |
| USDS | USDe | 93% |
| RLUSD | USDe | 93% |
| USDC | USDe | 93% |
| USDT | USDe | 93% |
| USDtb | USDe | 93% |
| USDe | LBTC | 78% |
| USDe | cbBTC | 78% |
| USDe | cbETH | 68% |
| USDe | ezETH | 68% |
| USDe | rETH | 68% |
| USDe | tETH | 68% |
| USDe | weETH | 68% |
| USDe | rsETH | 68% |
| USDe | wstETH | 71% |
| USDe | WBTC | 73% |
| USDe | WETH | 73% |
| USDe | wM | 92% |
| USDe | USDS | 92% |
| USDe | RLUSD | 92% |
| USDe | USDC | 92% |
| USDe | USDtb | 92% |
| USDe | USDT | 92% |
sUSDe
We recommend setting LLTV as 2% below the LLTV rates for sUSDS on Euler Prime.
| Collateral | Debt | lltv |
|---|---|---|
| sUSDe | USDe | 92% |
| sUSDe | USDC | 92% |
| sUSDe | USDT | 92% |
| sUSDe | USDS | 92% |
Next Steps
- We welcome community feedback.