🚀Ethena Labs' new stablecoin, USDe, has reached a $2 billion market cap faster than any other dollar-pegged asset in crypto history. This rapid rise has sparked concerns of a repeat of past stablecoin collapses. However, Ethena's USDe is marketed as a synthetic dollar, backed by Bitcoin, Ether, Staked Ether, or USDT. This delta-neutral design has been battle-tested in traditional finance and is considered safe under favorable market conditions. But experts warn that Ethena's strategy may falter in bearish conditions. Despite these concerns, Ethena's head of growth, Seraphim Czecker, remains confident, stating, "So far so good: USDe passed its first stress test." 😅