EconomyMore than half of Ethena’s USDe backing is allocated to lending
LlamaRisk’s October 12 assessment says 51.2% of Ethena’s synthetic dollar USDe backing is allocated to DeFi and institutional lending. That figure does not show actual borrower drawdowns or cash immediately available. Recovering lent assets depends on market liquidity or loan terms, while holders’ ability to exit near the peg also depends on redemption eligibility and secondary-market access.
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CryptoSlate★★☆☆☆2026-10-13 12:00Original
More than half of Ethena’s USDe backing is allocated to lending
Economy