Ethena USDe

Holders who stake USDe (as sUSDe) are eligible for incentive reward distributions.

“By staking USDe, holders are eligible to receive incentive reward distributions.”

Ethena states that it earns no profit from minting or redeeming USDe.

“Ethena earns no profit from the minting or redeeming of USDe”

Ethena says each USDe is backed by a portfolio of assets held by the protocol, subject to the risks it lists.

“Every unit of USDe is backed - subject to the discussion in the Risks section - by a portfolio of assets held by the protocol.”

Backing assets stay on-chain, held by off-exchange custody providers.

“Backing assets remain onchain and custodied by off exchange service providers to minimize counterparty risk.”

Whitelisted users mint USDe by depositing stablecoins and receive newly minted USDe in return.

“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.”

New backing assets and strategies are introduced through governance and review by Ethena's Risk Committee, which sets limits and criteria.

“New backing assets and strategies are introduced subject to governance and review by Ethena's Risk Committee, which sets exposure limits, eligibility criteria, and risk parameters for each category.”

Ethena lists a multisig as owner of its mainnet contracts, able to modify contract parameters.

“Owner of Ethena's deployed mainnet smart contracts & able to modify contract parameters.”