Aave's 4.76 billion USDe review: What it means for the Ethena USDe price

Published on 10/22/2026 at 07:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Aave's review puts 4.76 billion USDe outstanding on its X Layer agenda. Ethena USDe price stands at 1.000 USD on October 22, 2026.

Reserve structure and market data

An Aave assessment dated October 12, 2026, reviewed 4.76 billion USDe outstanding.
Lending accounted for 51.2 percent of USDe backing in the October 12 assessment.
The Ethena USDe price stands at 1.000 USD as of October 22, 2026.

Ethena USDe, XCRYPTOUSDE6, Illustration mit AI erstellt.

Ethena USDe (USDe) is the subject of an Aave review that cites 4.76 billion USDe outstanding as of October 12, 2026. The assessment examines whether the dollar-pegged synthetic stablecoin can be listed on Aave V3 on X Layer, according to Aave. The Ethena USDe price stands at 1.000 USD as of October 22, 2026.

Aave cites 4.76 billion USDe

Aave's governance assessment dated October 12, 2026, says USDe backing totaled 4.76 billion USD against 4.76 billion USDe outstanding. It also reports that the Ethereum adapter held 2.28 billion USDe. An adapter is a contract that locks tokens on one chain while corresponding representations are used elsewhere. The review describes the X Layer balance as 62.78 USDe on October 12, 2026, according to Aave.

Lending reaches 51.2 percent of backing

A separate October 12, 2026 assessment by LlamaRisk placed 51.2 percent of USDe backing in DeFi and institutional lending. The same report put total backing at 4.76 billion USD, matching 4.76 billion USDe outstanding, according to The Currency Analytics. Lending exposure can affect redemption liquidity because assets may be committed to borrowers rather than held as immediately available stablecoins. An on-chain review, meaning an analysis of blockchain records, found that 2,292,201,958.40 USDe sat in the Ethereum adapter at 18:41 UTC on October 12, 2026, equal to 48.30 percent of Ethereum's recorded supply, according to EthenaDash.

Investing.com shows a 1.000 USD peg

According to Investing.com, Ethena USDe trades at 1.000 USD as of October 22, 2026. The daily high is 1.000 USD and the daily low is 1.000 USD. Market capitalization is 4.95 billion USD, ranking USDe 23rd, while 24-hour volume is 18.65 million USD. Circulating supply is 4.95 billion USDe. The quoted level is the same as the target value of 1.00 USD for the dollar-pegged token.