v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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USDe

Ethena · Delta-neutral synthetic dollar · Ethereum · $14.0B supply · as of 2026-07-11

The category-defining synthetic dollar (~$14B peak supply). Backing is a hedged basis position, not assets in a vault: solvency depends on exchange counterparties, custodian performance, and funding-rate regimes. Well-disclosed, reserve-fund-buffered — and structurally unlike anything the GENIUS Act regulates.

No retail redemption (institutional mint/redeem only)
B
64.4
draftconf high
Haircut: 17.0%
base 14% (B) x 1.00 (high confidence) + 0pp class + 3pp flags
Illustrative — not a margin requirement.
Backing & reserves70 · 25%
Delta-neutral collateral + reserve fund; attested, but value depends on continuous hedge maintenance, not static assets. [1][2]
Redemption & exit62 · 20%
Mint/redeem restricted to whitelisted institutions; retail exit is secondary-market only (deep, to date). [1]
Counterparty & custody50 · 15%
Perp-venue and off-exchange-settlement custodian exposure is the core structural risk. [1]
Peg & market infrastructure72 · 15%
Held peg through 2024-25 stress events; some venues price near-par by design. [1]
Leverage & rehypothecation55 · 15%
Heavily used in looped/PT strategies across lending markets; a systemic building block. [1]
Transparency & governance80 · 10%
Named team, regular attestations, public risk docs; strategy inherently complex. [1]
What would change this grade: A major hedging-venue failure handled without holder loss would raise Counterparty; a prolonged deep-negative funding regime draining the reserve fund would cut Backing materially.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Backing & reserves: [1][2]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1