US dollar exposure
USDE is a synthetic dollar token that gives holders gains or losses as its price moves around a one-dollar target. No holder receives a promise of one-dollar value or exact one-dollar redemption.
USDE is a synthetic dollar token that gives holders gains or losses as its price moves around a one-dollar target. No holder receives a promise of one-dollar value or exact one-dollar redemption.
“The market value and backing of each USDe generally approximates 1 U.S. Dollar in most market conditions due to the delta-neutral hedging mechanism used for the backing.”
“USDe is not intended to be a “stablecoin” as traditionally defined; users are not made a promise that the value of each USDe will always be $1, or that USDe will be redeemable for exactly 2 Ethena Labs and its subsidiaries operate entirely outside of the United States, and U.S. persons are not permitted to interact with the Ethena Protocol or mint or redeem USDe.”
“and due to these differences, a 1:1 redemption value is not guaranteed, but rather a s”
“perpetual futures positions make up just 11% of the USDe backing today, with the rest allocated to a variety of stablecoin reserve and DeFi lending positions.”
“Ethena's USDe is **not** the same as a fiat stablecoin like USDC or USDT. USDe is a synthetic dollar, backed with crypto assets and corresponding short futures positions.”
“users can stake USDe in exchange for sUSDe, which is a distinct asset issued autonomously via an immutable smart contract and that accrues rewards in the form of USDe sourced from the revenue generated from the Ethena Protocol reserves.”
Underlying
Crypto and credit assets
Issuer
Ethena (BVI) Limited
Users acquire USDe on external AMMs; approved market makers can mint after KYC/KYB by transferring accepted reserve assets. The protocol pairs applicable crypto collateral with offsetting short derivatives to limit backing-value changes. Funding, basis spreads, and staking yield generate revenue that raises sUSDe's USDe value after holders stake. Ordinary holders exit on AMMs; permissioned users redeem through the protocol, typically for USDC or USDT.
Disputed“**Permissionless Acquire** *USDe.* Access external AMM pools to acquire or dispose of *USDe* with assets such as USDT or USDC.”
“**Direct Mint** *USDe*. Transfer accepted reserve assets and receive *USDe, subject to clearing KYC/KYB checks exclusively for approved market making counterparties*. See Supplemental USDe Terms and Conditions.”
“The Ethena Protocol execution system then programmatically and algorithmically determines the most capital-efficient and risk-mitigated path to exchange the USDC or USDT for an alternative asset (e.g., BTC, ETH, SOL) and execute an equal, offsetting hedging transaction in order to maintain the overall value of the backing assets within the Ethena Protocol to be delta ( i.e. , price change risk) neutral, creating a relatively stable and approximate 1:1 backing position for the USDe in circulation.”
“The protocol opens a corresponding short perpetual position for the approximate same notional dollar value on a derivatives exchange.”
“The 'Internet Bond' will combine yield derived from staked Ethereum as well as the funding & basis spread from perpetual and futures' markets, to create the first onchain crypto-native 'bond' that can function as a dollar-denominated savings instrument for users in permitted jurisdictions.”
“sUSDe is the staked form of USDe and the protocol's dollar savings asset. By staking USDe, holders are eligible to receive incentive reward distributions. As rewards accrue to the staking contract, the USDe value of sUSDe increases over time, with no further action required by the holder.”
“users can stake USDe in exchange for sUSDe, which is a distinct asset issued autonomously via an immutable smart contract and that accrues rewards in the form of USDe sourced from the revenue generated from the Ethena Protocol reserves.”
As of an April 2026 reserve overhaul, perpetual-futures hedges had fallen to about 11% of total backing, with the remainder spread across stablecoins, lending, and RWAs.
“Perpetual futures now make up just 11% of total backing”
“Ethena's Risk Committee approved a proposal last week to onboard USDtb as a USDe backing asset.”
“For most of the protocol's history, backing has been concentrated in spot crypto assets hedged with short perpetual futures, alongside a buffer of liquid stablecoins.”
Underlying issuer
Ethena (BVI) Limited operates websites and related services, tools, and features, including the Ethena service. It collects, uses, and discloses user information under its privacy policy.
“Die Ethena GmbH mit Sitz in Frankfurt am Main ist Emittentin eines vermögenswertereferenzierten Tokens mit dem Namen USDe.”
“Die Ethena GmbH emittiert ihren USDe-Token seit dem 28. Juni 2024 in Deutschland.”
“Nachdem die Ethena GmbH den USDe-Token zeitweise alleine emittiert hatte, wird dieser Token seit dem 1. Januar 2025 auch von der Ethena BVI Limited mit Sitz auf den Britischen Jungferninseln emittiert.”
Pool-wide metrics
Growth of $10,000 over 1 month
Growth of $10,000 over 3 months
Growth of $10,000 over 6 months
Growth of $10,000 over year to date
Growth of $10,000 over 1 year
Growth of $10,000 over all history
As of August 8, 2026
1 mo
3 mo
6 mo
YTD
1 yr
Shared legal identity, ownership, people, incidents, and channels.
Key people
The legal claim, governing regime, and holder protections if the structure fails.
Protects holders if the issuer fails.
“When you register as a Mint User, you will be required to designate an administrator for your registration and provide a wallet address to be whitelisted.”
“The Company reserves the right to change the mint, redemption, transfer, and velocity limits as we deem necessary.”
Where the backing sits, who can touch it, and which independent checks apply.
Holds the underlying, independent of the issuer.
Fee
Rate
Charged by
“The percentage of revenue allocated to the Reserve Fund is currently 0%, with 100% being directed to incentive rewards, promotional distributions, and distribution incentives.”
“A portion of protocol yield is directed to the Ethena Reserve Fund.”
0%
—
The settlement ladder for exiting your position.
“Users can trade USDe on secondary market DEXs and centralized exchanges.”
“You can use decentralized liquidity pools on platforms like Uniswap or Curve to swap sUSDe for USDe instantly...However, the price may be lower than the amount you'd get by waiting out the cooldown.”
Concentration
USDe depends on OES custodians and derivatives venues; Ethena limits exposure per provider and uses multiple providers
“Given that Ethena relies upon "Off-Exchange Settlement" provider solutions to hold protocol backing assets, there is a dependence upon their operational ability. This is the "Custodial Risk" we are referring to.”
“These three risks are mitigated by Ethena not exposing too much backing assets to a single OES provider and ensuring concentration risk is managed.”
Current onchain authority configuration first, followed by documented operational controls.
Supply and mint authority
Networks
“Permissioned users can also utilize the Ethena Protocol to redeem USDe for digital assets supported by the Ethena Protocol at the time a redemption is requested, typically USDC or USDT.”
“USDe is a synthetic dollar that does not earn rewards.”
“Once users stake their USDe for sUSDe, they begin to accrue rewards, to the extent provided, without any further action or cost.”
Exit is via secondary-market sale for any holder, direct pro-rata redemption with Ethena BVI for whitelisted Mint Users, or unstaking sUSDe (subject to a seven-day cooldown) before selling or redeeming the resulting USDe.
“Approved parties from permitted jurisdictions who pass KYC/KYB screening are able to mint & redeem USDe on-demand with Ethena contracts directly following whitelisting.”
“USDe is a synthetic dollar that does not earn rewards.”
“A whitelisted user provides ~$100 of USDT and receives ~100 newly-minted USDe atomically in return less the gas & execution costs to execute the hedge.”
“act as a safeguard during periods when perpetual funding rates and futures basis are suboptimal”
“7% … January 2025”
Structure & quality
Proposed initial expanded RWA allocations target AAA-rated CLO funds.
“which sets allocation caps, counterparty standards, collateralisation requirements, and liquidity coverage parameters, and monitors positions on an ongoing basis.”
“overcollateralised lending with only high-quality, immediately liquid collateral (BTC/ETH) and facing institutional counterparties that meet strict eligibility criteria.”
“Each loan is overcollateralised with defined margin call and automatic liquidation ratios, and has tenors designed to minimise liquidity risk for large USDe redemption scenarios.”
“Initially, allocations will likely be limited to AAA-rated CLO funds, which have had no history of defaults.”
Yield source
Ethena directs backing revenue toward discretionary incentives, including sUSDe.
“That revenue is generated from a diversified set of strategies, including: * Funding rates on delta-neutral basis trades in crypto perpetual and futures markets; * Funding rates on delta-neutral basis trades in non-crypto markets; * Lending revenue from overcollateralised on-chain DeFi lending markets; * Lending revenue from overcollateralised loans to institutional counterparties; * Rewards on tokenised real-world assets, including short-duration government debt and high-liquidity credit; * Rewards on liquid stablecoin holdings where applicable.”
“Using LST collateral, such as stETH, as collateral for USDe, provides an additional margin of safety for negative funding in the form of the ~3% annualized returns earned on stETH .”
“Revenue earned on the backing of USDe is utilized in promotional and incentive programs, including sUSDe (which is maintained by a subsidiary of the Ethena Foundation)and certain partner reward programs on partner exchanges, platforms, or protocols.”
Collateralization
“USDe only requires 1:1 'collateralization' in the majority of market conditions.”
“Ethena trades with no effective leverage across exchanges as the delta offsetting short perpetual positions are equal in size to the backing assets”
7 holdings · sorted by weight
“overcollateralised lending to institutional counterparties”
“Ethena's Risk Committee approved a proposal last week to onboard USDtb as a USDe backing asset.”
“As of October 2025, USDtb is issued by Anchorage Digital Bank”
“If the protocol were to suffer a loss due to funding or another reason, Ethena's Reserve Fund is intended to bear the cost, rather than the staking contract.”
“The Reserve Fund is a pool of assets held by the protocol as an additional margin of safety for USDe.”
“high-liquidity real-world assets beyond treasury bills - including tokenised, liquid fixed income and credit instruments”
“low volatility, relatively strong liquidity and settlement terms, and their ability to be exited at predictable values”
“support the protocol's ability to manage on-demand redemptions, allowing whitelisted counterparties to redeem USDe without the protocol needing to unwind hedged positions”
“delta-hedged crypto assets”
“Volatile assets, such as spot crypto and tokenised commodities, are paired with a corresponding short derivatives position so that the combined position is delta-neutral.”
“Staked Ethereum assets make up just ~6% of the backing assets of USDe as of January 2025.”
As of an April 2026 reserve overhaul, perpetual-futures hedges had fallen to about 11% of total backing, with the remainder spread across stablecoins, lending, and RWAs.
“Perpetual futures now make up just 11% of total backing”
“Ethena's Risk Committee approved a proposal last week to onboard USDtb as a USDe backing asset.”
“For most of the protocol's history, backing has been concentrated in spot crypto assets hedged with short perpetual futures, alongside a buffer of liquid stablecoins.”
“USDe is a synthetic dollar that does not earn rewards.”
“Once users stake their USDe for sUSDe, they begin to accrue rewards, to the extent provided, without any further action or cost.”
“act as a safeguard during periods when perpetual funding rates and futures basis are suboptimal”
“7% … January 2025”
$10,000.57
+$0.57$9,992.58
-$7.42$10,005.24
+$5.24$10,005.46
+$5.46$9,985.11
-$14.89$9,989.00
-$11.00Since inception
USDE
+0.00%
-0.03%
+0.00%
+0.01%
-0.01%
-0.01%
Benchmark
3M T-BILL
+0.32%
+0.30%
+0.30%
+0.30%
+0.30%
+0.30%
1 mo
3 mo
6 mo
YTD
1 yr
Since inception
USDE
+0.00%
-0.08%
+0.03%
+0.05%
-0.15%
-0.11%
Benchmark
3M T-BILL
+0.32%
+0.89%
+1.79%
+2.16%
+3.67%
+4.13%
A separate Ethena Foundation runs on-chain ENA governance.
Young remains CEO of Ethena Labs and has not moved to the Foundation.
Service providers
Backers
“USDe launched to the public on Feb. 19, 2024”
“USDe…launched in February 2024 by an Ethena Labs subsidiary.”
“On 18th September 2024, we experienced a security incident where a malicious actor briefly gained access to our domain registrar account for ethena.fi.”
“On 14 April, BaFin ordered Ethena GmbH to wind up its business that was subject to an authorisation requirement.”
“On October 10, 2025, USDe crashed to $0.65 on Binance due to Binance using its internal orderbook to mark prices for margin trading rather than checking prices across major exchanges.”
“On October 10, Ethena's USDe experienced a price dislocation on Binance's spot market, falling to $0.65 due to thinned orderbook liquidity and internal liquidation engines, despite protocol minting and redemptions remaining intact on-chain.”
“Beginning 7 August 2025, any claims may only be asserted against Ethena (BVI) Limited.”
“Ethena Labs is a private limited liability company incorporated in, and domiciled in, Portugal.”
“Ethena Labs was founded to create a crypto-native synthetic dollar”
“A crypto-native synthetic dollar utilizing spot assets as backing”
“Ethena GmbH, Germany, will issue and redeem USDe for users in the European Economic Area (EEA). Ethena BVI Limited…will issue and redeem USDe for users in all counties outside the EEA.”
“Users contract with 'Ethena BVI Limited' for USDe-related services (Section 2)”
“Ethena Labs is a private limited liability company incorporated in, and domiciled in, Portugal.”
“Beginning 7 August 2025, any claims may only be asserted against Ethena (BVI) Limited.”
“It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and to collect, report, and remit the correct tax to the appropriate tax authority.”
2127704); Holds legal title to USDe reserves directly.
“Ethena (BVI) Limited (Registration number 2127704, Craigmuir Chambers, PO Box 71, Road Town, Tortola, VG1110, BVI)”
“Legal title to the reserves associated with USDe are held by the Company, which administers the assets accordingly.”
“These Terms are governed by the laws of the British Virgin Islands, without regard to conflict of laws rules”
“Ethena GmbH withdrew this application on 3 April 2025, resulting in the termination of the authorisation procedure.”
“Legal title to the reserves associated with USDe are held by the Company, which administers the assets accordingly.”
“Protocol assets are never held in control or beneficially owned by the 'Off-Exchange Settlement' provider at any point.”
“Backing assets within these solutions are not owned by the custodian nor is the custodian or its creditors expected to have a legal claim on the assets. This is a result of OES providers either utilizing bankruptcy-remote trusts or MPC wallet solutions.”
No insolvency priority, waterfall, administrator-control, or set-off treatment for holders is disclosed; in an issuer failure, non-whitelisted holders' recourse is limited to secondary-market value.
“If you are a Holding User, you do not have a right to redeem USDe with Ethena BVI.”
“Holding Users are not customers of Ethena BVI.”
“You are solely responsible for reporting and paying any taxes (Section 11)”
“Users are solely responsible for determining and paying applicable taxes”
“The defining mechanic of OES is the separation of custody from margining.”
“depositing backing assets…does not transfer beneficial title over the assets to the provider or exchange partners.”
“Assets are held off-exchange with custodians including Copper, Ceffu, Cobo, and Zodia”
“Backing assets remain in custody with the OES provider at all times.”
“Custodian Attestations”
“the custodial partners publish periodic attestations - at minimum monthly - confirming the value of backing held within their solutions.”
“Monthly attestations are completed with the custodians to validate the existence, control, and value of the backing assets of USDe.”
Third-party checks on the operation.
“Attached is the audit report by Quantstamp completed on 18 Oct 2023. No critical or high level issues were identified.”
“Code4rena | v1 contracts (public) | 13 Nov 2023”
“completed on 13 Nov 2023. No critical or high level issues were identified.”
“No critical or high level issues were identified”
“Pashov (V2 contracts) - Date: 23 May 2024”
“economics audit and financial risk audit”
“The protocol's smart contracts have been audited by Zellic, Quantstamp, Spearbit, and Cantina, and have been the subject of public audit through Code4rena.”
“Pashov | v2 contracts | 23 May 2024”
“No critical or high level issues were identified”
“Independent Audit by Pashov on V2 of contracts…completed on May 23th 2024.”
“The percentage of revenue allocated to the Reserve Fund is currently 0%, with 100% being directed to incentive rewards, promotional distributions, and distribution incentives.”
“The percentage of revenue allocated to the Reserve Fund is currently 0%, with 100% being directed to incentive rewards, promotional distributions, and distribution incentives.”
0%
—
“The percentage of revenue allocated to the Reserve Fund is currently 0%, with 100% being directed to incentive rewards, promotional distributions, and distribution incentives.”
“Performance Fees 0 %”
0%
—
Subject to change. Any update is shown in the buy form before you confirm a transaction.
“A whitelisted user provides ~$100 of USDT and receives ~100 newly-minted USDe atomically in return less the gas & execution costs to execute the hedge.”
“Direct Redeem USDe. Burn USDe & receive backing asset[s], subject to clearing KYC/KYB checks exclusively for approved market making counterparties.”
“This limits Ethena's exposure to idiosyncratic events on any one exchange to the outstanding PnL between Off-Exchange Settlement providers' settlement cycles.”
Underlying / economic
USDe's income depends on perpetual-futures funding rates plus LST and stablecoin yield; when funding turns negative, Ethena's Reserve Fund is designed to absorb the shortfall rather than pass it to sUSDe holders
“BTC and ETH funding rates have exhibited natural positive bias and contango, with an average annualized rate of between 7.8% - 9% over the last 3 years ... only 17.5% and 15.9% of days had a sum negative return for ETH and BTC.”
“An Ethena reserve fund exists and will step in on occasions when the combined revenue between LST assets, such as stETH, the funding rate for a short perpetual position, the basis from short dated futures as well as potential rewards from holding liquid stables, is negative.”
“This post walks through the history and evolution of the allocation strategy for USDe's backing.”
Regulatory
BaFin alleged prospectus and MiCAR violations, prohibited Ethena GmbH's public offering, and ordered its custodians to freeze reserves
“Zudem macht die BaFin ihren begründeten Verdacht bekannt, dass die Ethena GmbH in Deutschland Wertpapiere ohne den erforderlichen Wertpapierprospekt öffentlich anbietet.”
“Im laufenden Zulassungsverfahren hat die BaFin unter anderem gravierende Mängel in der Geschäftsorganisation sowie Verstöße gegen die Anforderungen der MiCAR etwa zur Vermögenswertreserve und zur Einhaltung der Eigenmittelanforderungen festgestellt.”
“Die BaFin hat der Ethena GmbH unter anderem das weitere öffentliche Anbieten ihres USDe-Tokens untersagt und das Unternehmen angewiesen, die entsprechende Vermögenswertreserve durch die Verwahrstellen einfrieren zu lassen.”
Credit / counterparty
Exchange failure exposes USDe to unsettled PnL; institutional lending adds borrower and collateral-liquidation exposure despite overcollateralization
“This limits Ethena's exposure to idiosyncratic events on any one exchange to the outstanding PnL between Off-Exchange Settlement providers' settlement cycles.”
“PnL settlement on frequent - generally daily - cycles bounds the value at risk to the exchange to the amount accumulated since the last settlement.”
“overcollateralised lending with only high-quality, immediately liquid collateral (BTC/ETH) and facing institutional counterparties that meet strict eligibility criteria.”
“Each loan is overcollateralised with defined margin call and automatic liquidation ratios, and has tenors designed to minimise liquidity risk for large USDe redemption scenarios.”
Custodian
USDe's backing collateral is held off-exchange with a small set of institutional custodial/settlement providers (variously named across Ethena disclosures as Copper, Ceffu, Cobo, Zodia, Fireblocks, Kraken and Anchorage Digital) under bankruptcy-remote trust or MPC arrangements intended to keep assets outside a custodian's bankruptcy estate
“insolvency of a custodian would pose operational issues for the creation and redemption of USDe.”
“Accessibility and Availability, Performance of Operational Duties, and Operational Failure of Custodian”
“The protocol uses multiple OES providers in parallel rather than concentrating on a single custodian.”
Hack / smart contract
Compromised mint or redemption roles can execute incorrect prices; external gatekeepers can disable affected transactions and limit damage
“Will include external trusted organisations to be gatekeepers. Limits damage on mint/redeem roles compromise. Disables mint/redeems when they execute at incorrect prices on chain.”
Exit risk
Only permissioned users can redeem directly, preventing unrestricted holders from accessing issuer redemption during market stress
“Permissioned users can also utilize the Ethena Protocol to redeem USDe for digital assets supported by the Ethena Protocol at the time a redemption is requested, typically USDC or USDT.”
Depeg / liquidity
USDe's traded price can decouple from its roughly $1 backing value under stress or venue-specific pricing failures, and Ethena's terms explicitly disclaim any guarantee that USDe will trade at $1 on any platform
“Ethena BVI does not guarantee that the value of one (1) USDe will always or ever equal 1 USD ($1) on any platform.”
“Binance compensated users $283 million following October 10, 2025 volatility that caused Ethena's synthetic dollar USDe to briefly fall to $0.65 on Binance while remaining near parity on other venues.”
“up to a maximum amount of 1 USD in notional value.”
“can set setCooldownDuration, up to a maximum value of 90 days from the unstaking request.”
“Cooldown periods will vary between 1-7d periods going forward based on the composition of USDe backing in more liquid assets.”
“Subject to Section 17 of the USDe Terms, we reserve the right to change, suspend, or discontinue any aspect of the Services or the Platform at any time, including hours of operation or availability of any feature, without notice and without liability.”
“The Company reserves the right to change the mint, redemption, transfer, and velocity limits as we deem necessary. We may establish individual or aggregate transaction limits on the size or number of mints, redemptions, transfers or other transactions that you initiate using your status as a Mint User during any specified time period.”
“we may change any of the fees that the Company charges at any time, with or without notice.”
“7 day time-locks for any change to core functions.”
“The documentation does not explicitly specify signer thresholds for multisigs or timelock durations for any role.”
“Ethena upgraded the Mint and Redeem Contract from the first version to the second version on the 8th of July 2024.”
“Contract upgrades require multisig approval subject to protocol timelock”
No timelock or on-chain governance delay on these multisig actions is disclosed.
“5/11 signers. Owner of Ethena's deployed mainnet smart contracts & able to modify contract parameters.”
“the Company may: (i) suspend your status as a Mint User; (ii) terminate your status as a Mint User; or (iii) return funds.”
Its backing includes stablecoin reserves and DeFi lending alongside crypto assets and related hedging positions. The issuer does not promise fiat redemption or an exact one-dollar redemption value.
“Ethena's USDe is **not** the same as a fiat stablecoin like USDC or USDT. USDe is a synthetic dollar, backed with crypto assets and corresponding short futures positions.”
“The market value and backing of each USDe generally approximates 1 U.S. Dollar in most market conditions due to the delta-neutral hedging mechanism used for the backing.”
“users can stake USDe in exchange for sUSDe, which is a distinct asset issued autonomously via an immutable smart contract and that accrues rewards in the form of USDe sourced from the revenue generated from the Ethena Protocol reserves.”
“perpetual futures positions make up just 11% of the USDe backing today, with the rest allocated to a variety of stablecoin reserve and DeFi lending positions.”
“The objective of USDe is to provide a relatively-stable fully-backed digital asset, for which the backing is comprised entirely of crypto assets and related hedging positions.”
“Rather, the value is intended to approximate $1 utilizing the underlying delta-neutral positioning of the backing assets, and USDe is redeemable for a proportionate share of the backing assets. Furthermore, USDe is not redeemable for fiat currency.”
“USDe is not intended to be a “stablecoin” as traditionally defined; users are not made a promise that the value of each USDe will always be $1, or that USDe will be redeemable for exactly 2 Ethena Labs and its subsidiaries operate entirely outside of the United States, and U.S. persons are not permitted to interact with the Ethena Protocol or mint or redeem USDe.”
“The objective of USDe is to provide a relatively-stable fully-backed digital asset, for which the backing is comprised entirely of crypto assets and related hedging positions.”
“Liquid Cash Crypto Basis DeFi Lending Liquid Stables Institutional Lending”
“BNB BTC ETH RWA SOL XRP mETH stETH WBETH”
“The basis trade remains the core pillar of USDe’s backing”
“USDe is a digital token issued by Ethena BVI. USDe issued by Ethena BVI is a form of stored value or prepaid access and does not represent a claim, participation interest, economic right, voting right, or other similar right associated with Ethena BVI or any of its affiliates.”
“Nachdem die Ethena GmbH den USDe-Token zeitweise alleine emittiert hatte, wird dieser Token seit dem 1. Januar 2025 auch von der Ethena BVI Limited mit Sitz auf den Britischen Jungferninseln emittiert.”
““we”, “us”, “our”, or “Ethena”, means Ethena (BVI) Limited”
USDe provides no promise of exact $1 value or redemption. The Reserve Fund is designed to cover backing shortfalls during stressed conditions.
“Users of the Ethena Protocol maintain their own keys to their digital wallets and custody and control of their own digital assets, including USDe.”
“We do not guarantee that the Services will be available at any given time or that the Services will not be subject to unplanned service interruptions or network congestion. You may not be able to buy, sell, store, transfer, redeem, send, or receive crypto assets when you want to.”
“USDe is not intended to be a “stablecoin” as traditionally defined; users are not made a promise that the value of each USDe will always be $1, or that USDe will be redeemable for exactly 2 Ethena Labs and its subsidiaries operate entirely outside of the United States, and U.S. persons are not permitted to interact with the Ethena Protocol or mint or redeem USDe.”
“Rather, the value is intended to approximate $1 utilizing the underlying delta-neutral positioning of the backing assets, and USDe is redeemable for a proportionate share of the backing assets. Furthermore, USDe is not redeemable for fiat currency.”
“The Reserve Fund can also be deployed to address shortfalls in backing arising from the risks described in the [Risks](/protocol-overview/risks.md) section, helping the protocol maintain full backing through stressed conditions.”
Ethena assigns identical Minter and Redeemer roles to 20 addresses. Ethena and external security firms share Gatekeeper EOAs among at least three internal and three external holders. The minting contract supports multiple delegated signers through setDelegatedSigner.
“ADMIN Multi-Sig Ethena Labs 1”
“If desired, owner and admin can be different multi sigs”
“Mint/Redeemer roles to be the same set of 20 addresses. This is to ensure the system can handle a high load of mint transaction concurrently.”
“GATEKEEPER EOA Shared between Ethena Labs External Security Firms 3+ internal 3+ external”
“Ethena minting has the ability to delegate signers to sign for an address, using setDelegatedSigner .”
“You can view the deployed Ethena Minting contract on the Ethereum blockchain here .”
“USDe.sol is the contract of USDe. It extends ERC20Burnable , ERC20Permit and Ownable2Step from OpenZeppelin.”
“Rather, the value is intended to approximate $1 utilizing the underlying delta-neutral positioning of the backing assets, and USDe is redeemable for a proportionate share of the backing assets. Furthermore, USDe is not redeemable for fiat currency.”
“USDe is not intended to be a “stablecoin” as traditionally defined; users are not made a promise that the value of each USDe will always be $1, or that USDe will be redeemable for exactly 2 Ethena Labs and its subsidiaries operate entirely outside of the United States, and U.S. persons are not permitted to interact with the Ethena Protocol or mint or redeem USDe.”
“Permissioned users can also utilize the Ethena Protocol to redeem USDe for digital assets supported by the Ethena Protocol at the time a redemption is requested, typically USDC or USDT.”
“Ethena Labs, S.A. (“Ethena Labs”) respectfully submits this letter in response to Commissioner Peirce’s February 21, 2025 Statement, “There Must Be Some Way Out Of Here” (the “Statement”).”
In June 2025, Ethena described backing as crypto assets and related delta-neutral hedges.
“perpetual futures positions make up just 11% of the USDe backing today, with the rest allocated to a variety of stablecoin reserve and DeFi lending positions.”
“The objective of USDe is to provide a relatively-stable fully-backed digital asset, for which the backing is comprised entirely of crypto assets and related hedging positions.”
“Ethena Labs, S.A. (“Ethena Labs”) respectfully submits this letter in response to Commissioner Peirce’s February 21, 2025 Statement, “There Must Be Some Way Out Of Here” (the “Statement”).”
“Crypto assets can have limited liquidity that can make it difficult or impossible to sell or exit a position when desired. This can occur at any time, especially during periods of high volatility.”
“Ethena USDe's peg stability is maintained through delta hedging derivatives positions against protocol-held collateral, alongside a mint and redeem arbitrage mechanism.”
“This process helps maintain the peg to the dollar by incentivizing arbitrageurs to correct any deviations in the price of USDe from its target value.”
“**Direct Redeem** *USDe*. Burn *USDe* & receive backing assets*, subject to clearing KYC/KYB checks exclusively for approved market making counterparties*. See Supplemental USDe Terms and Conditions.”
“While assets are held in segregated accounts, insolvency of a custodian would pose operational issues for the creation and redemption of USDe as Ethena manages the transfer of assets to alternative providers.”
“We do not guarantee that the Services will be available at any given time or that the Services will not be subject to unplanned service interruptions or network congestion. You may not be able to buy, sell, store, transfer, redeem, send, or receive crypto assets when you want to.”
“there is risk of failures, defects, hacks, exploits, protocol errors, or unforeseen circumstances that might occur in connection with a crypto asset or the technologies on which the crypto asset is based.”
“a 51% attack is an attack on a blockchain by any person or group of persons who control more than 50% of the network. Attackers with majority control of a network can interrupt the recording of new blocks, alter payment history, and subvert funds.”
“Transactions in crypto assets are generally irreversible. As a result, losses due to fraudulent or accidental transactions may not be recoverable.”
“Its atomic operations ensure that tasks are either fully completed or reverted, leaving no room for partial executions.”
“Signature Verification : The contract cryptographically verifies the signature provided by the user to ensure the authenticity of the minting or redemption order.”
“Given that Ethena relies upon "Off-Exchange Settlement" provider solutions to hold protocol backing assets, there is a dependence upon their operational ability. This is the "Custodial Risk" we are referring to.”
“While assets are held in segregated accounts, insolvency of a custodian would pose operational issues for the creation and redemption of USDe as Ethena manages the transfer of assets to alternative providers.”
“Any of these abilities being unavailable or degraded would impede the trading workflows & availability of the mint / redeem USDe functionality.”
“"Funding Risk" relates to the potential of persistently negative funding rates. Ethena is able to earn revenue from funding, but could also be required to pay funding.”
“perpetual futures positions make up just 11% of the USDe backing today, with the rest allocated to a variety of stablecoin reserve and DeFi lending positions.”
“This backing diversification includes four areas, each of which represents a natural extension of what Ethena already does today”
“The protocol's smart contracts have been audited by Zellic, Quantstamp, Spearbit, and Cantina, and have been the subject of public audit through Code4rena.”
“**Phase 3:** phased audit with industry leading firms:\ \ -[Quantstamp](https://quantstamp.com/)\ -[Spearbit](https://spearbit.com/) & [Cantina](https://cantina.xyz/welcome)”
“The protocol's smart contracts have been audited by Zellic, Quantstamp, Spearbit, and Cantina, and have been the subject of public audit through Code4rena.”
“Its immutable nature guarantees that its critical rules and operations cannot be easily altered, ensuring consistency and trust in the process.”
Gatekeepers can disable minting and redemption. sUSDe administrators control cooldowns and redistribution of locked sUSDe.
“transferOwnership, add/remove supported collateral asset, add/remove custodian addresses, setUSDe address”
“grant/revoke Minter, Redeemer, Gatekeeper roles”
“Set max/mint mint/redeem per block”
“Disable mint/redeem”
“It can set setCooldownDuration , up to a maximum value of 90 days from the unstaking request. The cooldown period is the time period from the unstaking request until the user is able to withdraw USDe .”
“It can redistribute sUSDe tokens that have been locked using resdistributeLockedAmounts.”
“Attached is the audit report by Pashov completed on May 23th 2024.”
“Attached is the audit report by Code4rena completed on 13 Nov 2023. No critical or high level issues were identified.”
“{% embed url="<https://code4rena.com/contests/2023-10-ethena-labs#top>" %}”
“Attached is the audit report by Pashov completed on 22 Oct 2023. No critical or high level issues were identified.”
“Attached is the audit report by Speabit completed on 18 Oct 2023. No critical or high level issues were identified.”
“Where assets are held in omnibus arrangements that preclude direct on-chain visibility, the custodial partners publish periodic attestations - at minimum monthly - confirming the value of backing held within their solutions.”
“The protocol uses multiple OES providers in parallel rather than concentrating on a single custodian.”
“The defining mechanic of OES is the separation of custody from margining. Backing assets remain in custody with the OES provider at all times. To support a hedging position at a centralised exchange, the OES provider delegates - but does not transfer - a notional value of those assets to the exchange as margin collateral.”
“The exchange recognises the delegated value for margining purposes but cannot withdraw the underlying assets. Settlement of profit and loss between exchange and custodian occurs on frequent cycles - and any payments owed by the exchange to the protocol are settled into custody at each cycle.”
“Custody and execution are performed by separate institutions with separate ownership, regulation, and commercial incentives. An exchange cannot redirect, restrict, or rehypothecate backing assets, because it does not hold them.”
“Ethena, not the exchange, controls the instructions to deposit assets into and withdraw assets from the OES arrangement. The protocol's internal system can scale hedging exposure up or down, move assets between custodians and exchanges, or recall assets to the minting contract to support redemption activity.”
Ethena may change mint, redemption, transfer, and velocity limits. sUSDe restrictions do not establish equivalent USDe token-transfer controls.
“Unfortunately, Ethena is not available in your country yet or your wallet is linked to high risk activities.”
“We may, without liability to you or any third party, suspend your status as a Mint User or terminate your status as a Mint User or suspend your use of one or more of the Services in accordance with the terms of this Agreement, as determined in our sole and absolute discretion.”
“We may, in our sole discretion, delay any transaction if we believe that such transaction is suspicious, may involve fraud or misconduct, violates applicable laws or payment network rules, or violates any term of this Agreement.”
“The Company reserves the right to change the mint, redemption, transfer, and velocity limits as we deem necessary. We may establish individual or aggregate transaction limits on the size or number of mints, redemptions, transfers or other transactions that you initiate using your status as a Mint User during any specified time period.”
“The Blacklister role is able to grant and remove Soft_restricted_staking_role or Full_restricted_staking_role assigned to an address. In practice, only Full_restricted_staking_role has been utilized. "Fully Restricted Stakers" cannot receive sUSDe.”
The Reserve Fund is intended to absorb protocol losses. Suspended Mint Users may forfeit claims concerning otherwise redeemable assets.
“Ethena, not the exchange, controls the instructions to deposit assets into and withdraw assets from the OES arrangement. The protocol's internal system can scale hedging exposure up or down, move assets between custodians and exchanges, or recall assets to the minting contract to support redemption activity.”
“Backing assets are never held on, or owned by, the exchange. In the event of an exchange failure, the protocol's backing is not part of the exchange's estate, is not subject to its bankruptcy proceedings, and is not expected to be locked alongside other user funds.”
“In the event of an exchange failure, the derivatives positions are considered closed with Ethena holding/owing no further obligation to the exchange estate.”
“If the protocol were to suffer a loss due to funding or another reason, Ethena's Reserve Fund is intended to bear the cost, rather than the staking contract.”
“Upon closure or suspension of your status as a Mint User, you authorize the Company to cancel or suspend pending transactions and forfeit all proprietary rights and claims against the Company in relation to any assets otherwise eligible for redemption.”
“Die Ethena GmbH hatte am 29. Juli 2024 den Antrag zur Zulassung gestellt.”
“Anweisung zur Sperrung der Vermögenswertreserve für die durch die Ethena GmbH emittierten Token („Einfrieren der Vermögenswerte“) Beschränkung der Verfügungsbefugnis der Geschäftsleiter der Ethena GmbH in Bezug auf diese Vermögenswertreserve”
“Danach dürfen Emittenten, die vermögenswertereferenzierte Token nach geltendem Recht vor dem 30. Juni 2024 ausgegeben haben, damit fortfahren, bis ihnen eine Zulassung erteilt oder verweigert wird. Voraussetzung: Sie haben eine solche Zulassung vor dem 30. Juli 2024 beantragt.”
“Die Ethena GmbH hatte am 29. Juli 2024 den Antrag zur Zulassung gestellt.”
“Anweisung zur Sperrung der Vermögenswertreserve für die durch die Ethena GmbH emittierten Token („Einfrieren der Vermögenswerte“) Beschränkung der Verfügungsbefugnis der Geschäftsleiter der Ethena GmbH in Bezug auf diese Vermögenswertreserve”
“Inhaber von USDe-Token können diese vorübergehend nicht mehr bei der Ethena GmbH rücktauschen. Der Handel mit USDe-Token auf dem Sekundärmarkt bleibt jedoch von den Maßnahmen der BaFin derzeit unberührt.”
“Die BaFin ist für Zulassungsverfahren unter MiCAR die in Deutschland zuständige Behörde. Eingebunden in das Verfahren sind die Europäische Zentralbank ( EZB ), die Europäische Bankenaufsichtsbehörde ( EBA ) und die Europäische Wertpapier- und Marktaufsichtsbehörde ( ESMA ), mit denen die BaFin im Kontakt steht.”
“While the historical framework for USDe has not resulted in any impairments of the backing, utilisation of the Reserve Fund, or critical issues”
Guy Young founded Ethena and currently serves as CEO.
Zach Rosenberg serves as General Counsel.
“With a robust background in traditional finance, Guy Young serves as the CEO and founder, leading the charge in creating this fully-backed on-chain stablecoin.”
“Zach Rosenberg General Counsel Ethena Labs June 11, 2025”
Anchorage Digital provide off-exchange custody.
“Ethena holds its backing assets with a small set of regulated, institutional-grade custody providers - Copper, Ceffu, Kraken and Anchorage Digital - through arrangements collectively referred to as **Off-Exchange Settlement (OES)**.”
“Ethena utilizes derivatives positions to offset the delta of the protocol backing assets. These derivatives positions are traded upon CeFi exchanges such as Binance, Bybit, Bitget, Deribit, and Okx.”
“Re: Meeting with Representatives of Ethena Labs, S.A. and Morrison Cohen LLP”
“USDe is a digital asset commonly referred to as a synthetic dollar, launched in February 2024 by an Ethena Labs subsidiary.”
“Ethena is a synthetic dollar protocol built on crypto rails, issuing USDe - a fully backed, dollar-denominated digital asset - alongside sUSDe, the protocol's autonomously and permissionlessly created globally accessible savings asset.”
“* [USDe](https://app.ethena.fi/) * [USDtb](https://usdtb.money/) * [Whitelabel](https://whitelabel.ethena.fi/)”
“The protocol holds a portion of its backing in liquid, fiat-referenced stablecoins - such as USDC, USDT, and USDtb - that already maintain a stable dollar value using fiat (and equivalent) reserves and therefore do not require a derivatives hedge.”
“The allocation to liquid stablecoins is dynamic. It is increased or decreased in response to redemption patterns, market conditions, and the relative attractiveness of other backing strategies.”
“Since the backing assets can be perfectly hedged (in most market conditions) with a short position of equivalent notional, USDe only requires 1:1 "collateralization" in the majority of market conditions.”
“Each unit of USDe is backed by assets held by the protocol. Virtually every dollar of backing remains productive, generating revenue through the strategies described below, and USDe scales without the onerous collateral buffers required by other decentralised stablecoin designs.”
“At all times, the assets held in the Reserve back the amount of outstanding Covered Stablecoins on at least a one-for-one basis.”
Current perpetual exposure equals 11% of backing. Disclosed materials provide no consolidated maturity or credit-quality schedule.
“Volatile assets, such as spot crypto, tokenized equities, and tokenised commodities, are paired with corresponding short futures positions in approximately the same notional size, so that movements in the value of the spot asset are generally offset by movements in the value of the hedge.”
“Stable assets held within the portfolio - liquid stablecoins and short-duration real-world assets - already hold a stable dollar value and require no hedge. The combined position is a delta-neutral backing whose synthetic dollar value remains relatively stable across most market conditions.”
“perpetual futures positions make up just 11% of the USDe backing today, with the rest allocated to a variety of stablecoin reserve and DeFi lending positions.”
“Ethena's USDe is **not** the same as a fiat stablecoin like USDC or USDT. USDe is a synthetic dollar, backed with crypto assets and corresponding short futures positions.”
“However, unlike stablecoins, they are not backed by fiat currencies or physical commodities, but by cryptocurrencies”
Permitted holders stake into sUSDe for discretionary rewards, then unstake back into USDe.
“**Direct Mint** *USDe*. Transfer accepted reserve assets and receive *USDe, subject to clearing KYC/KYB checks exclusively for approved market making counterparties*. See Supplemental USDe Terms and Conditions.”
“**Permissionless Acquire** *USDe.* Access external AMM pools to acquire or dispose of *USDe* with assets such as USDT or USDC.”
“**Stake & Unstake** *USDe*. Receive rewards from protocol revenue. *Available exclusively for users in permitted jurisdictions.*”
“When a user unstakes his or her *USDe*, the user receives an amount of *USDe* equal to the initial amount staked plus their share of rewards deposited in the staking contract as rewards while that user's *USDe* was staked, as reflected in the *USDe* value increase of *sUSDe*.”
Direct minting uses private reverse solicitation for offshore qualified participants.
“USDe is not intended to be a “stablecoin” as traditionally defined; users are not made a promise that the value of each USDe will always be $1, or that USDe will be redeemable for exactly 2 Ethena Labs and its subsidiaries operate entirely outside of the United States, and U.S. persons are not permitted to interact with the Ethena Protocol or mint or redeem USDe.”
“USDe is minted on a private, reverse-solicitation basis by exclusively off-shore institutional firms and high net worth individuals with a need or use for it in their respective businesses.”
“It can set setCooldownDuration , up to a maximum value of 90 days from the unstaking request. The cooldown period is the time period from the unstaking request until the user is able to withdraw USDe .”
“It can rescue tokens using rescueTokens to move any ERC20 tokens ( except USDe ) to an address Ethena Labs controls. This has been implemented in case a user accidentally sends non- USDe assets to the Ethena Staking contract.”
“The Reserve Fund is a pool of assets held by the protocol as an additional margin of safety for USDe.”
“The Reserve Fund was funded with a portion of the revenue generated by the protocol during periods of high revenue”
“The percentage of revenue allocated to the Reserve Fund is currently 0%, with 100% being directed to incentive rewards, promotional distributions, and distribution incentives.”
USDe itself does not automatically distribute protocol yield.
“users can stake USDe in exchange for sUSDe, which is a distinct asset issued autonomously via an immutable smart contract and that accrues rewards in the form of USDe sourced from the revenue generated from the Ethena Protocol reserves.”
“The Rewarder role is able to transfer in USDe rewards, growing the balance of USDe in the Ethena Staking contract.”
“perpetual futures positions make up just 11% of the USDe backing today, with the rest allocated to a variety of stablecoin reserve and DeFi lending positions.”
“These agreements contemplate Ethena lending stablecoins from the USDe backing to facilitate overcollateralised lending originated by the entities mentioned above held in secured triparty custody.”
“Each loan is overcollateralised with defined margin call and automatic liquidation ratios, and has tenors designed to minimise liquidity risk for large USDe redemption scenarios.”
“USDe is minted on a private, reverse-solicitation basis by exclusively off-shore institutional firms and high net worth individuals with a need or use for it in their respective businesses.”
“Ethena Labs and its subsidiaries operate entirely outside of the United States, and U.S. persons are not permitted to interact with the Ethena Protocol or mint or redeem USDe.”
“Mint USDe using USDT from Ethena.”
“This process helps maintain the peg to the dollar by incentivizing arbitrageurs to correct any deviations in the price of USDe from its target value.”
“Tags YZi Labs Portfolio EigenLayer Ecosystem Plasma Ecosystem Show all”
Ethena reports no backing impairment, Reserve Fund use, or critical historical-framework issue through its undated diversification publication.
“USDe is a digital asset commonly referred to as a synthetic dollar, launched in February 2024 by an Ethena Labs subsidiary.”
“* [USDe](https://app.ethena.fi/) * [USDtb](https://usdtb.money/) * [Whitelabel](https://whitelabel.ethena.fi/)”
“While the historical framework for USDe has not resulted in any impairments of the backing, utilisation of the Reserve Fund, or critical issues”
“Ethena has already allocated to RWAs via tokenised T-Bills and adjacent assets, primarily through our USDtb product”
“Legal title to the reserves associated with USDe are held by the Company, which administers the assets accordingly.”
“high-liquidity real-world assets beyond treasury bills - including tokenised, liquid fixed income and credit instruments”
“Volatile assets, such as spot crypto and tokenised commodities, are paired with a corresponding short derivatives position so that the combined position is delta-neutral.”
“Perpetual futures now make up just 11% of total backing”
“overcollateralised lending to institutional counterparties”
“The funding and basis earned on delta-neutral basis trades, in crypto markets and, increasingly, in non-crypto markets such as tokenised commodities.”
“The protocol revenue is derived from: 1. The funding and basis spread…2. The rewards earned from liquid stable backing assets. 3. Staked ETH assets receiving consensus and execution layer rewards.”
“sUSDe accrues only positive or flat rewards - periods of negative protocol revenue are absorbed by the Reserve Fund.”
“USDe can be acquired on the secondary market or minted directly through the Ethena protocol.”
“Permissioned users can also utilize the Ethena Protocol to redeem USDe for digital assets supported by the Ethena Protocol at the time a redemption is requested, typically USDC or USDT.”
“Security is the most important focus”
“Ethena earns no profit from the minting or redeeming of USDe.”
“Ethena may apply mint and redeem fees to cover trading and settlement costs.”
“You are solely responsible for reporting and paying any taxes arising from your use of USDe or the USDe Services...”
“responsibility to report and pay any taxes”
“historically centred on tokenised short-duration government debt”
“Volatile assets, such as spot crypto and tokenised commodities, are paired with a corresponding short derivatives position so that the combined position is delta-neutral”
“Users in the United States are not eligible to become a Mint User.”
“Ethena smart contracts have been audited by Zellic, Spearbit, Quantstamp, Cyfrin, and Salus.”
“The percentage of revenue allocated to the Reserve Fund is currently 0%, with 100% being directed to incentive rewards, promotional distributions, and distribution incentives.”
“Binance (50%): Daily settlement, 3 funding cycles; Bybit (25%)... OKX (15%)... Deribit (5%)... Bitget (5%).”
“the custodial partners publish periodic attestations - at minimum monthly - confirming the value of backing held within their solutions.”
“When registering as a Mint User, you must provide current, complete, and accurate information for all required elements on the registration page or via any third-party service providers (e.g., KYC/KYB information collection and screening providers), including your full legal name and the legal name of your organization.”
“In registering to use the Company Services as a Mint User on behalf of an entity, you represent and warrant that (i) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) you are duly authorized by such legal entity to act on its behalf, and (iii) such organization (and any affiliate entity) must not have been previously suspended or removed from the Services...”
“When you register as a Mint User, you will be required to designate an administrator for your registration and provide a wallet address to be whitelisted.”
“Direct Mint USDe: Transfer accepted reserve assets and receive USDe, subject to clearing KYC/KYB checks exclusively for approved market making counterparties.”
All other holders ("Holding Users") who merely acquire, hold or trade USDe on secondary markets are not customers of Ethena BVI, face no KYC gate, but also have no right to redeem directly with the issuer. Users located in the United States are explicitly barred from becoming Mint Users, and both Mint Users and Holding Users must represent they are not a "Restricted Person" or resident of a "Restricted Territory"; the Mint User Agreement separately lists an extensive set of "Prohibited Jurisdictions" (e.g., North Korea, Iran, Syria, Cuba, Russia, the United States, and others) whose citizens/residents/entities may not register as Mint Users.
“All addresses will need to be whitelisted by the Ethena Protocol after satisfying KYC/AML checks. US users are not able to access the application.”
“Users in the United States are not eligible to become a Mint User. This restriction may be revisited from time to time taking into account relevant changes in law.”
“Users who have completed Know-Your-Customer and Anti-Money Laundering checks, as well as other onboarding procedures, and are whitelisted with Ethena BVI Limited ("Ethena BVI") are referred to herein as a "Mint User." ... For the avoidance of doubt, Holding Users are not customers of Ethena BVI.”
“Ethena is committed to transparency. It is crucial to highlight the risks associated with USDe, the actions taken to mitigate these risks, as well as plans to further manage and ameliorate these risks.”
Each request is capped by a per-block maximum redemption limit set in the EthenaMinting smart contract (adjustable by Ethena's admin multisig), and a Mint User may submit only one order per block.
“Ethena BVI (or an affiliate designated by Ethena BVI) commits to redeem 1 USDe for the notional value relating to its pro rata portion of the USDe Reserves in supported digital assets, up to a maximum amount of 1 USD in notional value, subject to these Terms, applicable law, and any fees where applicable.”
“$N per block limit check ... The order will not exceed the defined maximum capacity that is available per block for mint and redeem USDe requests. ... Multiple orders check ... Users are only allowed to successfully submit one mint / redeem USDe request per block.”
“Redemption: Redeemers can redeem their USDe by providing them as input and receiving the underlying assets back USDe in return. The redeemed USDe tokens are burned from the user's balance. The redemption process is subject to a maximum limit set by the contract.”
“Subscription Fees 0 % ... Redemption Fees 0 %”
Issuer entity 3027eb3d-4da4-4d61-a0d7-fb573fe886c5 · last updated 2026-08-09T23:50:28.212Z
Underlying issuer entity 3027eb3d-4da4-4d61-a0d7-fb573fe886c5 · last updated 2026-08-09T23:50:28.212Z
0 source channels auto-trusted this run (revocable in Autoresearch)
ingest · ingest · ok
plan · plan · ok
synthesize · synthesize · ok
38 of 44 fields verified · 0 unverified · 0 not found
Run 2026-08-09T23:09:10.496Z · done · cost $0.00
Automated research, human-reviewed. Verify against source documents before credit decisions.