Ethena USDe reached $5B circulating supply while backing over 80% with hedged ETH perpetual positions

Evidence surrounding the claim that ethena USDe reached $5B circulating supply while backing over 80% with hedged ETH perpetual positions remains actively contested at 58.0% YES.

Reserve composition oscillates between ETH perp basis, BTC futures, and liquid stablecoins across market regimes. Primary reference cited by the market creator: https://app.ethena.fi/dashboards/solvency.[1]

Because implied probability sits inside the 35%–65% dispute band, neither affirmative nor dissenting market participants hold decisive conviction.

Epoch 1 remains open for continuous CPMM price discovery; any participant may escalate the claim to an attested 3-model NEAR AI Cloud jury by posting the dispute bond.