Security Review Flags Oracle, Governance and Bridge Risks in Ethena USDe

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An independent DeFi security firm published an audit-style report on the yield-strategy layer of Ethena USDe, a USD-pegged stablecoin with roughly $4.63 billion in total value locked across Ethereum and several Layer 2 networks. The review identified high-severity concerns around its composite price oracle, which depends on a proprietary index that may be manipulated through thin L2 liquidity pools. It also flagged governance weaknesses, including a 3-of-3 multi-sig able to alter critical parameters, and a bridge design lacking a challenge period for L2-originated withdrawals. Additional medium-severity issues included unguarded harvest and flash-loan pathways and upgrades without enforced delays. The authors concluded the architecture is fundamentally sound but recommended prioritized remediation to protect capital and peg stability.

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