USDe Risk Audit / Research
All USDe research reports
A complete catalogue of the whole-system foundation, the backing-recovery investigation and every earlier report—with research dates, evidence boundaries and direct access.
All seven research reports are listed here, including the five historical reports. The 20 September investigation adds Maple Institutional, tokenized JAAA and issuer-payout evidence to the 18 September whole-system foundation. Subject guides organise these findings by the decision you face.
Jump to all reportsBrowse by subject
Seven reports, connected by the questions they answer
All reports · newest research date first
- 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
Follow the Safe, controller, minter and selected immediate permissions; distinguish quantity checks from a reserve guarantee.
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 the selected claim-to-payment chains read the 20 September recovery investigation. Coverage explains what was inspected; Evidence method explains what those checks support.
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.