USDe Risk Audit / Research
All USDe research reports
A complete catalogue of dated investigations and continuations, with every earlier report, original evidence dates and direct access.
All twenty dated reports and continuations are listed here, including the five historical reports. The 17 October chapter examines the historical conversion behind the 7 October partial repayment, with payer and expense limits. The 16 October payment-window chapter and all earlier observations retain their dates and exact supporting versions. A catalogue entry is not a completed recovery or security audit.
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Twenty dated entries, with their evidence boundaries
All reports · newest research date first
- Historical conversion evidence · partial · event on 7 October
The conversion behind a partial repayment
Newly examined DAI delivery, DAI-to-USDS conversion and USDT settlement within the earlier partial refinance. Recipient versus payer, the small unattributed DAI input, event-specific fees and surviving creditors remain distinct. No refreshed endpoint or complete expense account.
- Bounded history and claim evidence · partial
Settling a debt need not add cash
One covered ordinary-beneficiary window, two continuing debt denominations and zero directly held matching claims. Cash service, conditional claim cancellation and reserve ratios have different meanings; missing histories, final funding and attributable costs remain explicit.
- Dated account and reserve evidence · partial
More owed, not demonstrated paid
Both persistent debts, endpoint scaled/index accounting, quantity-versus-price changes and the separate reserve cash/claims screen. Includes the 7 October, 16:21:23 cutoff analysis without redating the earlier repayment chapter. Gross flows, complete funding and attributable expenses remain unestablished.
- Observed partial refinance; wider recovery partial
A creditor was paid. The debt did not disappear.
Actual USDT repayment, return of temporary USDC and persistent USDC debt; an additional million-PT route through sDAI; scoped Base resources and shareholder event coverage. Event and later-state clocks remain separate.
- Documentary and financial analysis · partial · no new chain reads
More liquidity does not settle the last creditor
Additional credit versus admitted refinancing; a favorable combined envelope for two named non-replenished conversion corridors; distinct borrowing and liquidation headroom; and product-specific fee applicability. Numerical inputs remain dated 4 October. PT and Aave use the same resources as independent alternatives. No new funded interval, final receipt or selected-holder net expense is established.
- Fixed-block financial evidence · partial funded recovery
Matching quantities is not the same as funding an exit
Quantity-matched million-PT paths at one Ethereum block; the whole actual Aave USDT account; a Base owned-resource screen; and another holder’s natural USDC payment distinguished from a fee-share mint. The named paths, hypothetical financing comparator, unstarted wait and missing selected-holder costs keep their explicit limits. Earlier chapters and downloads are unchanged.
- Documentary and financial analysis · partial · no new chain reads
Which obligation has actually been paid?
Repay-all-first Aave funding versus terminal cash, with a free-token sale and pool stock counted once; historical August carry and maturity versus hypothetical financing; cash withdrawal versus direct in-kind lending claims. Financial inputs remain dated October 2. No new quote, funding commitment, net-cost record or successful payout is established.
- Account-level financial continuation · partial
Actual accounts change the exit question
An actual Aave sUSDe/USDT account and outside-Aave inventory; a specific shareholder’s claim, normal admission and ordinary cash screen; a dated three-pool Base bound; and a quantity-matched cross-block indicative PT-to-USDC path. Principal and payout comparisons remain before external costs; boundary-limited input consumption and funded waiting remain unconfirmed. Earlier chapters and downloads are unchanged.
- Financing analysis · partial · no new chain reads
Temporary funding is not final repayment
Temporary versus terminal funding; a finite Base cash constraint using frozen September 28 balances; the PT final-token quantity/price/time condition; and shareholder gross debit, net receipt, receiver admission and competition. No new borrower, liquidity or successful-exit observation. Complete-position financing and exceptional protections remain unestablished.
- Financial continuation · partial
A local quote is not yet a funded exit
Prior debt-token payment, quoted output and the creditor still exposed. A boundary-limited Base quote does not establish full input consumption; actual Aave debt is USDe; PT quotes pay sUSDe; the eight-market cash screen is not a shareholder entitlement. Complete-position financing and exceptional controls remain unestablished.
Collateral value is not repayment cash
Accepted value versus financially releasable collateral; a sampled Base borrower and concentrated suppliers; route/size-specific Ethereum quotes; an outside-funded unwind whose new creditor retains the sale risk; and the active November PT’s accounting unit versus payout token. The outside funding is assumed. At that chapter’s date, the sized Base and PT sale legs and a measured Aave account were missing. The 28 September continuation narrows those gaps without establishing complete financing or exceptional protections.
Stopping, restoring and completing an exit
Source-supported controller actions and stop/restore distinctions; notice versus complete cash exit; one excluded oracle-source explanation and a visibly conditional policy matrix; reported PSM deployment versus funded production. Wider deployment/security verification remains partial. No new live state, original audit-PDF findings or refreshed September 22 register.
Who can change the rules—and release the cash?
Committee eligibility, control-clock disclosures, order acceptance, external asset release, staking and revenue policy, conditional PSM safeguards and published-audit scope. Current deployed-behaviour verification remains incomplete. Inherited September 18–20 observations are not refreshed; no new contract testing or security certification.
- Backing and payment
When backing becomes money the issuer can pay
Maple Institutional’s accounting claim versus direct pool cash; JAAA’s fund and network gates; separate Mint inventory and matched token logs; a conditional cash ladder. Not an issuer-wide recovery ratio, verified complete legal chain or guaranteed redemption capacity.
- Whole-system foundation
USDe’s whole-system risk: from backing to usable funds
The connected 18 September assessment: backing, claims, deployed controls, Aave and Base pricing, concentrated lending, sized exits and conditional stress. Its observations remain dated; the 20 September chapter adds selected recovery evidence without certifying complete reserves or deployed semantics.
- Historical report
Off exchange does not mean ready to pay.
Custody, venue settlement and asset-specific release conditions; a hypothetical payment ledger and the limits of unread assurance. Research dated 13 September; the earlier control snapshot is not refreshed.
- Historical report
A signed redemption is not a completed exit.
Holding-user versus Mint-user eligibility, operator submission and the inspected atomic settlement boundary. Source-model checks are not current funded-redemption tests.
- Historical report
Unstaking is not the same as getting out.
Share burning, fixed queued USDe, reward accounting, timer changes and source-level control paths. The dated one-day snapshot is not a bank-payment guarantee.
- Historical report
Who can change USDe’s rules?
Core source and the supplied Ethereum observation at block 25,952,841, 11 September 2026, 08:03:35 UTC. Read its then-unresolved control links with that date attached.
- Historical report
What do you actually get back?
Direct, staked and nested claims; historical source analysis and dated backing arithmetic. The November 2025 calculation is not current reserve coverage.
Read by subject, without losing the complete argument
Claims and exits
What you hold, the next asset owed, and the conditions between a wallet balance, a staking queue and a usable payment.
Backing and custody
Separate reported investments from current reserves, and legal recovery from assets available before a deadline.
Control and contracts
Separate policy, contract authority and external asset release; keep current deployed-control verification visibly incomplete.
Lending and integrations
Compare the actual Aave and Base valuation paths, concentrated lending claims, remote access and the additional venue layer.
Connected stress
Follow income compression, interrupted margin, asset impairment and valuation failure through their loss bearers and stabilisers.
For the continuous system argument read the 18 September foundation; for decision rights and scoped audit evidence read the 22 September documentary investigation; for the selected claim-to-payment chains read the 20 September recovery investigation. Coverage explains what was inspected; Evidence method explains what those checks support.
For the source-supported distinctions between stopping, restoration and money received, continue with the 26 September analysis. It supplements rather than redates the earlier chapters.
Earlier reports remain available—not live measurements
The historical labels above do not hide or retire any report. All five retain their established URLs, text and source anchors. Their dates and inspection limits still matter: an old source-model test is not a fresh deployed test, and a historical backing figure is not a current reserve ratio.
The History landing page groups these reports with the saved overview, scope, method and research-index pages. For the current findings on control links, oracle inputs, sized exits and unresolved recovery, use the assessment.