Issuer reserve evidence

Ethena / USDe

CurrentCore

Ethena USDe

EthereumIssuer-published third-party PoR resultMonitoring cadence · Every 15 minutesSource cadence · Every 15 minutes0x4c9e…68b3

Asset risk

API checked · 2026-10-14 08:23:46 UTC · api.philidor.io/v1/por/ethena

Observed shortfall

-$21.04Mat 99.56%

Point-in-time comparison of scope-compatible observed reserves and circulating liabilities. Reserve source 2026-10-14 05:00 UTC · liability observation 2026-10-14 05:41 UTC · on-chain reserve evidence 0%. This is evidence for underwriting, not a solvency guarantee.

Decision snapshot

Reserve evidence, published risk rating, and scope controls are separate signals.

Published risk score

6.8/10

Core

Published asset rating; separate from the reserve snapshot

Collateral ratio

99.56%

Observed reserves divided by liabilities across a common scope

Observed shortfall

-$21.04M

Observed reserves less circulating liabilities

On-chain liabilities

$4.78B

Token supply read by Philidor at a pinned finalized block

Observed reserves

$4.76B

Backing value in the current published snapshot

Reserve evidence coverage

100%

0% on-chain · 100% off-chain evidence · no current evidence gap. Assurance strength is shown below

Reserve evidence as of

2026-10-14 05:00 UTC

UTC as-of timestamp published by the reserve source

Evidence classification

Mutually exclusive assurance layers. Each side sums to 100% and is assessed separately.

Reserve evidence

strongest layer per dollar

Evidence coverage: 100%
On-chain: 0%
Off-chain: 100%

Issuer-published attestation100%

Evidence coverage measures current evidence availability—not reserve backing, an audit, or a solvency conclusion. On-chain and off-chain describe where evidence can be reproduced.

Current evidence covers 100% of observed reserve value: 0% on-chain and 100% off-chain. 100% is supported by third-party attestation results published through the issuer’s transparency API; Philidor does not independently fetch the underlying auditor artifacts. Coverage describes evidence availability, not an audit or solvency opinion.

Liability evidence

classified separately

Evidence coverage: 100%
On-chain: 100%
Off-chain: 0%

On-chain reproduced100%

Evidence coverage measures current evidence availability—not reserve backing, an audit, or a solvency conclusion. On-chain and off-chain describe where evidence can be reproduced.

Philidor reproduced the circulating liability from pinned finalized-block token state.

Issuer-published third-party attestation result

Issuer API reports PoR 2026-10-08T23: 59: 26.000Z (5.2d old) confirmed by HarrisAndTrotter, LlamaRisk, Chainlink; deltaNeutral + overCollateralized

Philidor reads this verdict from the issuer transparency API and does not independently fetch the underlying auditor artifacts.

Reserves vs liabilities

Observed backing against circulating supply. Ratio appears only on scope-compatible points.

52 observations

Evidence ledger

Provenance and freshness for the selected snapshot.

Monitoring status: Current
Evidence method: Issuer-published third-party PoR result
Liability method: Philidor on-chain supply read
On-chain reserve evidence: 0%
Issuer-published attestation: Issuer reports third-party confirmation
Ratio evidence basis: Issuer-published attestation results / on-chain liabilities
Source: Ethena reserve report
Source updated: 2026-10-14 05:00 UTC
Liability observed: 2026-10-14 05:41 UTC
Snapshot observed: 2026-10-14 05:54 UTC
Snapshot age / limit: 2.5h / 7.0h · within limit
Source age / limit: 3.4h / 24.0h · within limit
Operand skew / limit: 41m / 60m · within limit
Monitoring cadence: Every 15 minutes
Source cadence: Every 15 minutes
Primary source: Open evidence
API record: JSON

Ethena’s transparency API publishes the composition and third-party PoR confirmation results; Philidor validates the issuer-published quorum but does not independently fetch the underlying auditor artifacts. Philidor reads USDe totalSupply on Ethereum at a pinned finalized block.

Reserve composition

Observed backing sleeves with value, share, and sleeve-level risk treatment.

7 observed sleeves

Backing sleeve	Observed value	Share	Sleeve score	Score basis
On-chain overcollateralized lending	$1.76B	36.9%	7.0/10	Reviewed methodology
Delta-hedged basis	$817.85M	17.2%	5.5/10	Reviewed methodology
Reserve stablecoins	$738.50M	15.5%	8.0/10	Underlying assets
OTC / institutional lending	$681.00M	14.3%	5.5/10	Reviewed methodology
Exchange-held stables	$466.80M	9.8%	6.5/10	Reviewed methodology
AAA corporate debt (CLOs)	$284.02M	6.0%	6.5/10	Reviewed methodology
Equity and RWA Basis	$16.81M	0.4%	2.0/10	unknown sleeve

Explicit evidence gaps

Unobserved fields remain null. They are never estimated or zero-filled.

Insurance fund: No adapter observes an insurance fund for this product yet.

Market context

Investable TVL and net APR for USDe. This series is not reserve evidence and does not enter the collateral ratio.

Context only

Derived points reconstruct historical vault snapshots using today's vault eligibility; observed points are captured directly from that day's investable set.

Published coverage basis

Observed figures from Philidor’s stablecoin backing look-through. Reserve value is partitioned by its strongest admissible current evidence layer: direct on-chain verification, issuer-published third-party attestation results, source report only, or unverified. Philidor does not independently fetch the auditor artifacts behind issuer-published attestation results. Liability evidence is measured separately. Shares are mutually exclusive and total 100%; 0% direct on-chain does not mean 0% backing. Reserve and liability timestamps are separate, stale evidence fails closed, and cross-time or cross-scope ratios are withheld. Unobserved fields are null with a reason; nothing is inferred. This is decision evidence, not a solvency guarantee.