v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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sUSDe

Ethena · Staked synthetic dollar (yield-bearing) · Ethereum · as of 2026-07-11

USDe plus an unstaking cooldown and concentrated use as loop collateral. Everything true of USDe applies, with worse exit mechanics exactly when stress hits and heavier embedded leverage in the ecosystem around it.

No retail redemption (institutional mint/redeem only)
B-
60
draftconf high
Haircut: 23.0%
base 20% (B-) x 1.00 (high confidence) + 0pp class + 3pp flags
Illustrative — not a margin requirement.
Backing & reserves70 · 25%
Same backing as USDe. [1]
Redemption & exit50 · 20%
Unstake cooldown (historically up to 7 days) gates exit; secondary liquidity thinner than USDe. [1]
Counterparty & custody50 · 15%
Identical venue/custodian exposure. [1]
Peg & market infrastructure68 · 15%
Trades at yield-discounted NAV; some markets hardcode appreciation curves. [1]
Leverage & rehypothecation45 · 15%
A dominant looping asset of this cycle (money markets, PT markets); high recursive footprint. [1]
Transparency & governance80 · 10%
Same disclosure regime as USDe. [1]
What would change this grade: Cooldown removal or demonstrated orderly mass-unstake under stress would raise Redemption.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Backing & reserves: [1]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1