# Ethena USDe (USDE) Quantum Readiness Report

> Ethena USDe has a QRI score of 1/100 and is assessed at Stage 1 (Quantum Risk Assessed) with medium evidence confidence.

Evaluation date: 2026-06-02. Review status: draft. Evaluated scope: ERC-20 Token, Admin Multisigs, Off-chain Custody.

Ethena USDe is a standard ERC-20 stablecoin on Ethereum with no independent post-quantum cryptographic layer. All quantum-relevant properties inherit from Ethereum L1 for basic token transfers (per QRI Section 7.2 Token Inheritance), but token-specific admin and governance controls — including a 5/11 Gnosis Safe Dev Multisig with 608 on-chain transactions (public key permanently exposed), MINTER/REDEEMER/GATEKEEPER EOAs, Reserve Fund and Payout Fund multisigs, and off-chain institutional custodian MPC arrangements — are entirely ECDSA-dependent with no PQC, hybrid-PQC, or migration path. Ethena Labs has published no cryptographic inventory, no quantum threat model, no migration roadmap, and no quantum-specific audit. Third-party reports (StablePQC, EternaX) independently identify Ethena USDe admin keys as exposed and quantum-vulnerable. Approximately $3.96B in circulating supply is protected by quantum-vulnerable admin keys whose compromise would enable unlimited unbacked minting and peg collapse. The QRI Score is 1, capped by the absence of any public cryptographic inventory (Readiness & Risk Cap: 10) and a Factor Score of 1 across all five categories.

## Core resources

- [Ethena USDe QRI report](https://qrindex.org/projects/ethena-usde/): Human-readable assessment with score, stage, evidence, blockers, risks, and assurance notes.
- [Ethena USDe structured report data](https://qrindex.org/projects/ethena-usde/report.json): Complete report as JSON for deterministic machine processing.
- [QRI methodology](https://qrindex.org/methodology/): Scoring model, evidence handling, readiness stages, confidence, assurance, and report status.
- [All QRI project reports](https://qrindex.org/llms.txt): Score-ranked index of every published project assessment.
- [Ethena USDe official website](https://www.coingecko.com/en/coins/ethena-usde): Project-maintained website.



## Evidence sources

- [Evidence source 1](<https://docs.ethena.fi/>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 2](<https://docs.ethena.fi/solution-design/key-addresses>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 3](<https://docs.ethena.fi/solution-design/key-trust-assumptions>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 4](<https://docs.ethena.fi/resources/audits>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 5](<https://github.com/ethena-labs/bbp-public-assets>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 6](<https://stablepqc.com/>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 7](<https://etherscan.io/address/0x4c9edd5852cd905f086c759e8383e09bff1e68b3>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 8](<https://eternax.ai/>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 9](<https://etherscan.io/address/0x3B0AAf6e6fCd4a7cEEf8c92C32DFeA9E64dC1862>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 10](<https://etherscan.io/address/0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 11](<https://etherscan.io/address/0x71e4f98e8f20c88112489de3dded4489802a3a87>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 12](<https://docs.ethena.fi/solution-design/minting-usde/mint-and-redeem-key-functions>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 13](<https://gov.ethenafoundation.com/t/ethena-s-january-and-february-2026-governance-update/753>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 14](<https://coinmarketcap.com/currencies/ethena-usde/>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 15](<https://www.coingecko.com/en/coins/ethena-usde>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 16](<https://gov.ethenafoundation.com/>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 17](<https://github.com/ethena-labs/>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 18](<https://ethena.fi/>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 19](<https://code4rena.com/reports/2023-10-ethena>): Public source cited by the Ethena USDe QRI assessment.
- [Evidence source 20](<https://etherscan.io/address/0x4c9edd5852cd905f086c759e8383e09bff1e68b3#code>): Public source cited by the Ethena USDe QRI assessment.