DeFi protocol (you keep your wallet, funds sit in a smart contract)
EthenaB4/5· Medium risk
Facts last reviewed 24 Sept 2026
USDe is a synthetic dollar (not a cash-backed stablecoin); sUSDe yield comes from perpetual futures funding. No contract incidents; live since 2/2024.
Compare a move (switching cost) →History: published and paid rates, incidents, legal status →
Why this tier
- Falls short: Operating since 2024-02, under 3 years
- Meets: Audited by 6 firms: Zellic, Spearbit/Cantina, Quantstamp, Pashov, Code4rena, Cyfrin
- Meets: Bug bounty programme (Immunefi, up to $3M)
- Meets: Large TVL: $4.8B
- Meets: Users were fully compensated for every known incident
- Note: Risk of the asset itself: USDe is backed by crypto plus short derivatives positions: counterparty risk from exchanges/custodians, prolonged negative funding, and depegs on secondary markets; sUSDe yield varies with funding.
Tier history
- 29 Sept 2026B· Medium riskMedium risk
Products
| Coin | You earn | Highest rate | Tier | Product | Term | Conditions |
|---|---|---|---|---|---|---|
| USDE | 4.75% | Highest rate4.75% | B2/5· Medium risk | Ethena · Ethereum · 7 days unstaking | Staking |
Tier: A lowest risk, D active incident. The number after the letter is the criteria met.