📰 A year after the “10/11 crash,” USDe’s circulating supply has fallen from around $14.7 billion to less than $5 billion, and its ranking has slipped from third to fifth globally. During the storm, liquidations across the crypto market topped $19 billion in 24 hours, and USDe briefly fell to $0.65 on Binance.
🔥 The key detail at the time was that prices differed across markets: on Bybit and in major on-chain pools, USDe remained near $0.99. In its post-mortem, Ethena said Binance’s internal oracle referenced only its own order book. Combined with deposit and withdrawal issues at some trading firms, this meant cross-platform arbitrage could not close the price gap quickly enough.
Around $1.9 billion worth of USDe was redeemed over two days, showing that the redemption channel held up under pressure. But the money still flowed out: supply fell to around $9.2 billion by the end of October 2025, and to just $6.3 billion by year-end. Honestly, being able to redeem and users being willing to keep holding are two different things.
💡 The bigger shift happened on the reserve side. USDe initially relied on spot holdings and short positions for delta-neutral hedging, with returns coming from staking and funding rates. By the end of June 2026, crypto basis-trading positions made up just around 1%, institutional lending had risen to around 6.9%, and tokenized secured loan certificates had also appeared in the reserves.
👀 This means the challenges facing USDe have changed: previously, people focused on funding rates, exchange counterparties, and extreme market conditions. Now they also need to consider borrower creditworthiness, collateral management, third-party custody, and asset liquidity. The risks haven’t disappeared; they’ve simply shifted from trading hedges to credit assets.
🤔 If a stablecoin can be redeemed normally, but an increasing share of its reserves is going into institutional credit, would you still be willing to hold USDe long term, or would you treat it only as a short-term tool?
#USDe #Ethena #稳定币 #DeFi
🔥 The key detail at the time was that prices differed across markets: on Bybit and in major on-chain pools, USDe remained near $0.99. In its post-mortem, Ethena said Binance’s internal oracle referenced only its own order book. Combined with deposit and withdrawal issues at some trading firms, this meant cross-platform arbitrage could not close the price gap quickly enough.
Around $1.9 billion worth of USDe was redeemed over two days, showing that the redemption channel held up under pressure. But the money still flowed out: supply fell to around $9.2 billion by the end of October 2025, and to just $6.3 billion by year-end. Honestly, being able to redeem and users being willing to keep holding are two different things.
💡 The bigger shift happened on the reserve side. USDe initially relied on spot holdings and short positions for delta-neutral hedging, with returns coming from staking and funding rates. By the end of June 2026, crypto basis-trading positions made up just around 1%, institutional lending had risen to around 6.9%, and tokenized secured loan certificates had also appeared in the reserves.
👀 This means the challenges facing USDe have changed: previously, people focused on funding rates, exchange counterparties, and extreme market conditions. Now they also need to consider borrower creditworthiness, collateral management, third-party custody, and asset liquidity. The risks haven’t disappeared; they’ve simply shifted from trading hedges to credit assets.
🤔 If a stablecoin can be redeemed normally, but an increasing share of its reserves is going into institutional credit, would you still be willing to hold USDe long term, or would you treat it only as a short-term tool?
#USDe #Ethena #稳定币 #DeFi