Ethena USDe price holds near USD 1 as Binance exposure draws scrutiny
Published on 11/02/2026 at 07:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSUSDe holds its dollar target
- Investing.com showed USDe at 1.000 USD at 07:35:49 Berlin time, with a 24-hour volume of 45.65 million USD.
- Ethena reported approximately 8.8 million USD of unrealized profit-and-loss exposure to Binance against an excess reserve fund above 60 million USD.
- TokenPost reported that reserve calculations on October 30 produced different collateralization results, highlighting the importance of settlement and custody risks.
The Ethena USDe price was 1.000 USD on the Investing.com quote page, which showed the reading at 07:35:49 Berlin time. The page also displayed a 24-hour volume of 45.65 million USD, a market capitalization of 4.50 billion USD and a circulating amount of 4.51 billion USDe. The figures describe a token designed to trade close to one US dollar, rather than a conventional growth asset.
Binance exposure remains the focus
Recent attention has centered on Ethena's disclosure following a reported Binance security incident. In a post dated October 29, Ethena said that its total unrealized profit-and-loss exposure to Binance was approximately 8.8 million USD, below an excess reserve fund of more than 60 million USD. It also said that collateral with exchange exposure was held by off-exchange custodians rather than directly by the exchange.
The distinction is material for USDe holders: unrealized exposure is not the same as a confirmed loss, but settlement can still depend on the exchange, custodians and the handling of unsettled derivatives positions. TokenPost reported that Ethena did not provide a measurement time or calculation method for the 8.8 million USD figure.
Reserve figures need context
TokenPost also described two reserve calculations from October 30 that were not reconciled. One showed backing of 4.59312 billion USD including the reserve fund, or 101.37% of supply. A later calculation showed a 28.12 million USD surplus and a 100.62% collateralization ratio. Ethena said Chainlink and LlamaRisk had confirmed backing above 101%, while TokenPost noted that the basis of that claim and the treatment of the reserve fund were not fully specified.
The Ethena website describes USDe as a synthetic dollar supported by collateral and hedging arrangements, with custody and reserve information presented through its transparency materials. For investors, the current signal is therefore stability around the one-dollar target, alongside ongoing counterparty, custody and derivatives-settlement risks. The Ethena USDe price itself does not quantify those risks.
More coverage is available on the Ethena USDe topic page.
