By our calculations, $1.33B out of $4.4B of USDe's backing is lending against itself.
Rule used: Estimated self-lending = gross borrowing against USDe/sUSDe collateral × Ethena's share of supplied liquidity in that market. So if a pool has $556M borrowed against USDe/sUSDe, but Ethena supplies 47.4% of the liquidity, we attribute ~$263M of that as Ethena-funded self-lending.
Using this pro-rata method: Estimated Ethena self-lending: ~$1.33B · Gross amount borrowed against Ethena assets: ~$1.67B · Difference from pro-rata attribution: ~$336M
