Stablecoin depeg >2% on shared-LP venue
Ethena's assessment for RD-F-104 — scored green on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
USDe/USD is trading within 0.1% of peg on Curve/Uniswap (Curve pool depth $400M+). On-chain DEX venues (Curve, Uniswap, Fluid) stayed within 30 bps even during the Oct 2025 Binance-only slip, which Ethena founder characterized as a venue-specific glitch, not a structural depeg. Reserve Fund is $62M vs conservative tail-risk requirement of $7M (approximately 9x coverage). Collateral stablecoins (USDT, USDC) are trading within normal ranges. No active depeg detected.
Sources #
- URLEthena USDe Q1 2026 Report | Stablecoin InsiderStablecoin Insider Q1 2026: Curve pool depth $400M+, DEX venues within 30bpsretrieved 2026-04-28
- Reserve Fund: March 2026 Update | Ethena GovernanceEthena Governance: Reserve Fund March 2026 — $62M balance, $7M conservative requirementretrieved 2026-04-28
Methodology #
Detect whether a stablecoin in this protocol's dependency graph depegs >2% on a venue with shared liquidity.
See the full factor methodology and distribution across all protocols →