Impressive! Ethena has started using tokenized US stocks as collateral for USDe.
This is the first time a synthetic dollar stablecoin has backed itself with traditional stocks—distribution began on September 25. Previously, USDe relied entirely on crypto assets to stay delta-neutral; now it’s being brought directly into traditional finance.
In plain terms: stablecoins are no longer just playing inside the crypto world—they’re starting to tap the liquidity of traditional markets. Circle and Tether should be careful; if USDe proves this path works, the ceiling for synthetic dollars is much higher.
That said, we still need to see the real-world results. The liquidity of tokenized US stocks may not match that of spot assets, and under extreme market conditions whether it can withstand redemption pressure remains to be observed.$ETH $BTC
This is the first time a synthetic dollar stablecoin has backed itself with traditional stocks—distribution began on September 25. Previously, USDe relied entirely on crypto assets to stay delta-neutral; now it’s being brought directly into traditional finance.
In plain terms: stablecoins are no longer just playing inside the crypto world—they’re starting to tap the liquidity of traditional markets. Circle and Tether should be careful; if USDe proves this path works, the ceiling for synthetic dollars is much higher.
That said, we still need to see the real-world results. The liquidity of tokenized US stocks may not match that of spot assets, and under extreme market conditions whether it can withstand redemption pressure remains to be observed.$ETH $BTC