Underlying asset

sUSDe

Issued by Ethena. The facts below were checked on the date shown, from the sources listed.

sUSDe is issued by Ethena. What stands behind it: a basis trade run off chain. It is redeemed after a cooldown.

Facts

Issuer: Ethena
What stands behind it: a basis trade run off chain
Strategy: funding on perpetual futures, hedged delta-neutral
Valued in: USD
Position in the capital stack: not a tranche
Who has to keep a promise: an exchange holding the assets, code on chain
Redemption: redeems after a cooldown
the contract reported a cooldown of 1 day (6 Oct 2026)
Who can change it: a timelock · 24 h delay · the admin role · the code cannot be replaced; the admin role is behind a 24-hour timelock 0xe8dc0fab349ea169283c48ccfd09d797e6db7c94 (Ethereum)
Audits: Code4rena, 2023-12
Also named by the issuer, without a linked report: Zellic, Quantstamp, Spearbit, Pashov, Chaos Labs, Cyfrin
Bug bounty: up to $3,000,000 on Immunefi
Depends on: none recorded
Other assets from the same issuer: sENA
Chains: Ethereum, Monad, Plasma
Checked: 2026-10-01, from the issuer's own documents
Sources: https://docs.ethena.fi/protocol-overview/rewards-mechanism
https://docs.ethena.fi/protocol-overview/reserve-fund
https://docs.ethena.fi/resources/audits
https://immunefi.com/bug-bounty/ethena/

Live Pendle markets on this asset, as of 6 Oct 2026. Rates are not shown. Market data: Pendle.

What the research has not answered for this asset, said rather than left blank.

All six questions are answered for this asset.
Incidents: this encyclopedia does not yet keep a record of incidents from primary sources.