No. USDe is holding its peg. Pegana's current read is −0.04% from intrinsic value, inside its calibrated drift band. Ethena USDe (USDe) last traded at $0.9996 against an intrinsic value of $1.0000, as of .
USDe is a delta-neutral synthetic dollar. Its peg is maintained by a hedged basis position rather than a cash collateral pool, so a funding-regime shift is a distinct risk from a reserve shortfall. Pegana computes USDe’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against USDe’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.