Ethena’s synthetic dollar USDe, designed to maintain a $1 peg, has allocated 51.2% of its backing to lending, comprising 36.9% in DeFi lending and 14.3% in institutional lending. As of October 12, the reserve fund stood at approximately $62.1 million against 4.76 billion USDe outstanding. DeFi lending venues like Aave and Morpho condition withdrawals on available pool liquidity, while institutional lending depends on recall and redelivery provisions in applicable agreements. Direct redemption is restricted to eligible, whitelisted Mint Users, with other holders relying on secondary markets. Unstaking sUSDe delivers USDe first through a separate cooldown, then requires an additional step to sell or redeem that USDe.
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