# Ethena USDe: how AI models rank it, November 2026

Gane Index, November 2026 Edition. Named in 5 judge labels across 1 category by 5 of 14 models. Page: https://www.gane.ai/index/finance/vendors/ethena-usde

## Standing by category

| Category | Share | Rank | Negative rate | Labels |
|---|---|---|---|---|
| [Stablecoin platforms](https://www.gane.ai/index/finance/treasury/stablecoin-platforms/index.md) | 0% | 113 | 60% | 5 |

## What the models said for it

- "Most innovative/yield-bearing: USDe — offers capital efficiency and returns through delta-neutral strategies." (DeepSeek V4 Flash, Stablecoin platforms)
- "USDe for users who understand its derivatives model" (GPT-6 Luna, Stablecoin platforms)

## And against it

- "Examples to Monitor Carefully: Ethena (USDe)... synthetic stablecoins can experience temporary depegging and liquidity crunches" (Gemini 3.5 Flash, Stablecoin platforms)
- "Higher complexity and technical risk compared to fiat-backed coins, but offers higher native yields." (Qwen 3.7 Flash, Stablecoin platforms)
- "BE CAUTIOUS: Newer Synthetic/Experimental Designs ... Lost its peg briefly in October 2025" (Kimi K2, Stablecoin platforms)

## By model

| Model | First choice | Alternative | Mention | Warning | Labels |
|---|---|---|---|---|---|
| Claude Haiku 4.5 | 0 | 0 | 0 | 0 | 0 |
| GPT-5.4 mini | 0 | 0 | 0 | 0 | 0 |
| Gemini 3.5 Flash | 0 | 0 | 0 | 1 | 1 |
| Perplexity Sonar | 0 | 0 | 0 | 0 | 0 |
| Grok 4.20 | 0 | 0 | 0 | 0 | 0 |
| Mistral Small | 0 | 0 | 0 | 0 | 0 |
| DeepSeek V4 Flash | 0 | 1 | 0 | 0 | 1 |
| Llama 4 Maverick | 0 | 0 | 0 | 0 | 0 |
| Qwen 3.7 Flash | 0 | 0 | 0 | 1 | 1 |
| Kimi K2 | 0 | 0 | 0 | 1 | 1 |
| GLM 4.7 FlashX | 0 | 0 | 0 | 0 | 0 |
| MiniMax M2.5 | 0 | 0 | 0 | 0 | 0 |
| GPT-6 Luna | 0 | 1 | 0 | 0 | 1 |
| Muse Glimmer 30B | 0 | 0 | 0 | 0 | 0 |

## Sources returned with these answers

The sites and pages cited by the answers that named Ethena USDe, from 7 of the 7 answers that named it (only the models that return a source list).

### Domains cited

- docs.ethena.fi: 4 (its own site)
- coingecko.com: 3
- app.rwa.xyz: 2
- binance.com: 2
- circle.com: 2
- coinmarketcap.com: 2
- cryptoticker.io: 2
- federalreserve.gov: 2
- pharos.watch: 2
- stablecoininsider.org: 2

### Pages cited

- https://app.rwa.xyz/stablecoins: 2
- https://coinmarketcap.com/view/stablecoin: 2
- https://cryptoticker.io/en/comparison/stablecoin-list: 2
- https://docs.ethena.fi/protocol-overview/risks: 2
- https://247wallst.com/investing/cryptocurrency/2026/10/30/the-binance-hacker-sold-40-million-of-uniswap-and-34-million-of-ethena-which-recovers-first: 1
- https://247wallst.com/investing/cryptocurrency/2026/10/31/tether-made-1-5-billion-in-q3-and-doubled-its-reserve-cushion-to-8-billion-how-safe-is-usdt-now: 1
- https://alchemy.com/overviews/enterprise-stablecoin-guide: 1
- https://altcoininvestor.com/stablecoin-depeg-warning-signs: 1

## In its own words

What Ethena USDe's own pages state, read 2026-10-06. Stated by the vendor, not checked by the index.

- Positioning: a fully backed, dollar-denominated digital asset (https://ethena.fi/)
- Certifications: SOC 2 Type II
- Customers named: Binance, Bybit, Coinbase, Robinhood, MEXC, Kraken, Deribit, Upbit

## What it publishes

Every page ethena.fi exposes, read 2026-10-05: 207 addresses. By kind, pages and the last 90 days:

- blog: 85 pages, 4 in the last 90 days, latest 2026-09-03
- case study: 2 pages, 0 in the last 90 days, latest 2025-02-25
- comparison: 2 pages, 0 in the last 90 days, latest 2024-10-30
- Recent: 2026-09-03 blog: Custodian attestations of assets backing usde august 3 https://ethena.fi/blog/custodian-attestations-of-assets-backing-usde-august-3
- Recent: 2026-08-28 blog: Extending the basis trade to equities https://ethena.fi/blog/extending-the-basis-trade-to-equities
- Recent: 2026-08-27 blog: Ethena ecosystem update https://ethena.fi/blog/ethena-ecosystem-update
- Recent: 2026-07-30 blog: Custodian attestations of assets backing usde july 3 https://ethena.fi/blog/custodian-attestations-of-assets-backing-usde-july-3
- Recent: 2026-07-01 blog: Custodian attestations of assets backing usde june 3 https://ethena.fi/blog/custodian-attestations-of-assets-backing-usde-june-3
- Recent: 2026-06-05 blog: Rwa backing https://ethena.fi/blog/rwa-backing

## Record

- Method: https://www.gane.ai/index/finance/methodology
- License: CC BY 4.0. Cite as Gane Index, November 2026 Edition, www.gane.ai/index/finance.