{"data":{"issuer_slug":"ethena","issuer_name":"Ethena","logo":null,"verification_interval":"15m","basis":"Observed figures from Philidor’s stablecoin backing look-through (PHI-241/242): issuer/reporter transparency data independently verified on-chain at pinned finalized blocks where the position shape allows, anchored to independent proof-of-reserves attestations otherwise. Unobserved fields are null with a reason; nothing is inferred. The Philidor score shown is the published risk rating; shadow backing metrics live at /v1/stablecoins/backing.","products":[{"symbol":"USDe","name":"Ethena USDe","address":"0x4c9edd5852cd905f086c759e8383e09bff1e68b3","chain_id":1,"status":"live","status_reason":null,"verification_method":"attestation","onchain_verified_pct":0,"verifiability_pct":0,"collateral_ratio":1.0065600402400503,"supply_usd":4070212318.40571,"total_reserves_usd":4096913075,"last_verified_at":"2026-08-29T21:26:53.403Z","last_observed_at":"2026-08-29T21:26:53.403Z","source":"ethena","source_updated_at":"2026-08-29T21:00:16.634Z","delta_neutral":true,"insurance_fund_usd":null,"sleeves":[{"sleeve_key":"onchain_crypto_lending","weight_pct":31.135838487371373,"amount_usd":1275608238,"score":7,"score_source":"reviewed_constant"},{"sleeve_key":"stablecoins","weight_pct":20.85307611755956,"amount_usd":854332402,"score":7.967556209298498,"score_source":"underlying_asset"},{"sleeve_key":"basis_trade","weight_pct":13.128625434651186,"amount_usd":537868372,"score":5.5,"score_source":"reviewed_constant"},{"sleeve_key":"aaa_corporate_debt","weight_pct":12.322543284616797,"amount_usd":504843887,"score":6.5,"score_source":"reviewed_constant"},{"sleeve_key":"otc_crypto_lending","weight_pct":11.92293434246222,"amount_usd":488472256,"score":5.5,"score_source":"reviewed_constant"},{"sleeve_key":"exchange_held_stables","weight_pct":10.636982333338864,"amount_usd":435787920,"score":6.5,"score_source":"reviewed_constant"}],"published_score":6.75,"published_tier":"Core","snapshot_at":"2026-08-29T21:26:53.403Z","null_reasons":{"insurance_fund_usd":"No adapter observes an insurance fund for this product yet."}}],"unobserved_products":[],"headline":{"headline_collateral_ratio":1.0065600402400503,"headline_reserves_usd":4096913075,"headline_supply_usd":4070212318.40571,"verifiability_pct":0,"status":"live","status_reason":null,"last_verified_at":"2026-08-29T21:26:53.403Z","last_observed_at":"2026-08-29T21:26:53.403Z","null_reasons":{}}}}