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The evidence states that USDe in the years after the “1011 crash,”1 its scale was nearly below its peak.
USDe：“1011 crash”1 years later,USDe nearly below its peak USDe rose to become the third-largest stablecoin through its delta-neutral hedging mechanism, 2025 years 1011 shrank after the crash.Ethena substantially reduced its hedging positions, shifted toward credit and other asset allocations, changed its risk profile, and is expanding into institutional and payment use cases.
Source: https://www.panewslab.com/zh/articles/01a12f94-6623-7720-89b9-4fdd62338200
USDe It once became the third-largest stablecoin through its delta-neutral hedging mechanism.
The evidence states that 2025 years after the “1011 crash,”USDe its scale shrank.
Ethena It substantially reduced its hedging positions and shifted toward credit and other asset allocations.
Ethena It is expanding into institutional and payment use cases.
The following is analysis, separate from reported facts. Verify important claims independently.
USDe Originally operated through a hedging mechanism; the evidence states that its scale declined after the relevant crash,Ethena and it also adjusted its asset allocation and business direction.
This indicates that USDe its scale and risk profile have both changed; whether institutional and payment use cases can generate new demand remains to be seen.
Changes in stablecoin scale may reflect market usage; changes in asset allocation also mean that the sources of risk may differ.
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View glossary →An asset that seeks to track a reference value and is subject to risks including depegging, reserves, and redemption.
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