Skip to content
BASIS· by Hedgen--:--:-- UTC
RegimeCARRYComposite+5.1%Peg2bpsReserve91bpsENA unlock——

BACKING

reserve fund · composition · USDtb

RESERVE FUND

STALE 1518hSTALE
Reserve fund
$0.04B
CoverageOK
91bps
USDe supply (denominator)
$4.60B
source: manualthresholds: WATCH < 30bps · ALERT < 20bpscoverage = reserve_fund / USDe supply × 10⁴
USDe supply · 90 j
$4.60B
$4.67B$4.23B$3.78B

732 pts. USDe demand is pro-cyclical: it re-expands when funding is positive (high sUSDe yield) and contracts in a bear market.

as of 00:00:00 UTC

COMPOSITION

DRAFTEDITORIAL

USDe backing composition

**EDITORIAL BLOCK — DRAFT.** No percentage is shown until Thomas has

filled it in from a dated official Ethena source. Never invent a

breakdown. Each line cites its source in the frontmatter.

USDe backing combines delta-neutral crypto positions (spot hedged with perp shorts), liquid stablecoins, tokenized funds (T-bills) and, since 2026, a diversification into credit (CLO). The exact breakdown evolves with the funding regime and the size of the supply.

Breakdown by asset type — [TO VERIFY]

  • **Hedged crypto (delta-neutral)** — [TO VERIFY] % · BTC/ETH spot + perp shorts. Source: [TO SOURCE]
  • **Liquid stables** — [TO VERIFY] % · USDC / others. Source: [TO SOURCE]
  • **Tokenized funds (T-bills)** — [TO VERIFY] % · incl. USDtb. Source: [TO SOURCE]
  • **Credit / CLO (2026 diversification)** — [TO VERIFY] % · Source: [TO SOURCE]

CLO diversification 2026 — [TO VERIFY]

Context to fill in: nature of the CLO program, target share of the backing, manager, and risk implications (illiquidity, credit correlation). Source: [TO SOURCE]

Notes

  • This page presents the composition **published by Ethena** (best effort), not

an independent attestation.

  • Update `as_of` at each revision and remove `status: draft` once

the values are sourced.

Sources
  • [TO SOURCE] Ethena Labs — official Transparency / Reserve page
  • [TO SOURCE] Ethena Labs — Backing & Custody attestation
as of 2026-07-10 (editorial)

USDtb

USDtb supply
$0.53B

USDtb is Ethena's stablecoin backed by tokenized T-bills: it acts as a liquidity backstop for USDe backing when funding turns negative (Ethena can rotate delta-neutral exposure into USDtb). Supply via DefiLlama Stablecoins (id resolved at runtime by name Ethena USDtb).

as of 06:17:53 UTC

WHAT THE RESERVE FUND COVERS

The reserve fund is a buffer that absorbs exceptional losses in the backing: prolonged negative funding, coverage gaps on the hedges, or a counterparty/custodian default.

It does not cover a peg loss due to an exit liquidity shock, nor smart contract risk, nor the depeg risk of a collateral stablecoin.

The coverage ratio (coverage bps) measures its size relative to USDe supply: the lower it is, the thinner the buffer per dollar issued.