USDe hit $0.65 on Binance. That was October 10th last year. $19 billion liquidated across the market in 24 hours. $1.9 billion in USDe redemptions processed in two days. The mechanism held. The money still left. From $14.7 billion down to $4.1 billion. Third largest stablecoin to fifth. Redemptions working and users staying are two different things. More interesting is what backs it now. Basis trade positions dropped to roughly 1% of reserves by June. Last year it was double digits. What replaced it: stablecoins, DeFi lending, institutional credit, some tokenized CLOs. Some read this as maturation. High-risk arbitrage machine becoming a more institutional product. But USDe’s resilience in 2025 came from unwinding a short position. That takes minutes. The institutional loans arranged through Anchorage and Maple — if $1.9 billion in redemptions hit again, can those convert back to cash just as fast? That question has not been tested yet. #Stablecoin #M55Capital