Update
Ethena’s USDe Lending Allocation Update
LlamaRisk’s October 12 snapshot shows that 51.2% of Ethena’s USDe backing is allocated to lending categories, with 36.9% in DeFi and 14.3% in institutional lending. The allocation does not measure borrower drawdowns or immediately available cash. Ethena’s USDe, a synthetic dollar targeting $1, has 51.2% of its backing allocated to these categories, according to the risk assessor's October 12 assessment. The allocation is subject to liquidity, loan recall terms, and redemption eligibility, with holders relying on secondary markets for an exit.