Liquidity depth per major asset
Ethena's assessment for RD-F-065 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Secondary market USDe liquidity: ~$196M in Curve pools (March 2026), ~$20M sUSDe on Curve. Primary exit mechanism is direct protocol redemption (7-day sUSDe cooldown). October 2025 stress event: $2B processed via primary redemption in 24 hours; Curve/Uniswap/Fluid held <30 bps of peg. Bybit hack (Feb 2025): $123M redeemed in largest single-day event (~2% of $6B supply). Secondary depth ~5% of current TVL — adequate for normal flows, constrained for coordinated mass exits. Rated yellow: secondary liquidity is meaningful but not deep relative to TVL; primary redemption bears the structural load.
Sources #
- URL
- Stablecoin Insider — Ethena USDe Q1 2026 Reporthttps://stablecoininsider.org/ethena-usde-q1-2026-report/retrieved 2026-04-28
- CCN — Oct 2025 USDe Binance depeg event, $2B redemptions in 24hhttps://www.ccn.com/education/crypto/ethena-usde-depeg-binance-crash-explained/retrieved 2026-04-28
Methodology #
Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.
See the full factor methodology and distribution across all protocols →