USDe on Aave V4 Ethena Correlated

Live USDe (USDe) rates on the Aave V4 Ethena Correlated spoke on Ethereum. On V4 every borrower pays the hub's base rate, and a personal risk premium can be added depending on the collateral behind the loan.

Data from Aave's V4 API · updated 2026-09-21 08:51 UTC

Supply APY

0.10%

earned by suppliers

Base borrow rate

6.31%

before any risk premium

Supplied here

$75.3K

75.27K USDe

Borrowed here

$67.00

67.31 USDe

Hub utilization

2.1%

Plus hub, all spokes

Available to borrow

$5.20M

price $0.9998

USDe supply and borrow rate history

Averages published by Aave's V4 API

Risk settings on this spoke

Can be used as collateral	Yes
Collateral factor	93.00%
Collateral risk score	0.00%
Max liquidation bonus	2.00%
Liquidation fee	10.00%
Supply cap used	75.27K of 5.20M USDe (1.4%)
Borrow cap used	67.31 of 5.20M USDe (<0.01%)

The collateral factor decides how much you can borrow against this asset. The risk score feeds the borrower's risk premium: the safer the collateral, the lower the premium. How V4 works.

Where the liquidity comes from

Hub	Plus hub
Supplied across the hub	$15.07M
Borrowed across the hub	$319K
Spokes sharing it	2
Liquidity fee	25.00%
USDe token	0x4c9E…68B3
Spoke contract	0x5813…9649
Hub contract	0x0600…536A

USDe utilization and interest rate curve

Hub utilization is 2.1% right now. Set by the Plus hub: how the base rate responds as more of the supply gets borrowed.

Base borrow rate Supply rate

Up to 90% utilization the base rate climbs gently from 6.30% to 6.55%. Past that point it climbs steeply, reaching 36.55% when everything is lent out.

USDe elsewhere on Aave

V3 markets and other V4 spokes

Compare all →

Market	Total supplied	Supply APY	Total borrowed	Borrow APY	Utilization
Ethereum CoreUSDe · $599.7M	$599.7M599.84M USDe	0.64%	$79.98M80.00M USDe	6.54%	13.3%
PlasmaUSDe · $549.8M	$549.8M550.01M USDe	0.40%	$45.75M45.76M USDe	6.53%	8.3%
MonadUSDe · $73.02M	$73.02M73.04M USDe	0.17%	$2.66M2.66M USDe	6.51%	3.6%
MantleUSDe · $27.37M	$27.37M27.38M USDe	<0.01%	$20.2K20.25K USDe	6.50%	0.1%
Ethereum Ethena EcosystemV4USDe · $15.00M	$15.00M15.00M USDe	0.10%	$319K319.04K USDe	6.31%base rate	2.1%
MegaETHUSDe · $66.4K	$66.4K66.38K USDe	0.92%	$33.7K33.76K USDe	2.42%	50.9%
InkUSDe · $28.0K	$28.0K28.00K USDe	1.43%	$17.3K17.26K USDe	3.13%	61.6%
AvalancheUSDe · $4.6K	$4.6K4.57K USDe	6.15%	$3.7K3.71K USDe	10.28%	81.3%