Ethena USDe

USDe

Terra

Fantom

Ethena

Ethena Labs pledged to publish monthly reports detailing custody and reserve information to improve transparency around its USDe stablecoin.&nbsp; 
Synthetic dollar issuer Ethena Labs <a href="https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/bwzBngcOk-n9XB0venIjS1OPiSx3-39GDcqUaOABpgM" target="_blank" rel="">released</a> three custodian attestations for assets backing its $2.67 billion-strong <a href="https://crypto.news/price/usde/" target="_blank" rel="">USDe</a> token hedged by crypto-denominated currencies including Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) and Ether (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>).&nbsp; 
According to the defi startup, Ethena’s stablecoin holds $1.31 billion and $1.33 billion of its stablecoin reserves with Swiss firm Copper Markets AG and CH Europe Digital Solution (CEFFU) respectively.&nbsp;Cobo Global HK Limited manages the remainder of USDe’s assets worth $5.52 million. Ethena Labs also boasts a $42.3 reserve fund for emergency purposes.&nbsp; 
The triple attestation shared on May 27 claimed USDe boasted a 101.74% backing rate, meaning the asset was over-collateralized and could accommodate redemptions if every user chose to liquidate, per the issuer. 
 You might also like: <a href="https://crypto.news/ethena-ust-concerns-developer/" rel=""> Developer raises concerns about Ethena becoming new UST </a> 
<h2 class="wp-block-heading" id="addressing-ethena-usde-concerns">Addressing Ethena USDe concerns</h2> 
Ethena’s post responds to community feedback after USDe’s mainnet launch in February. Following its debut of governance token <a href="https://crypto.news/price/ethena/" target="_blank" rel="">ENA</a>, and onboarding BTC as a hedge asset, many in the community grew concerned about a possible systemic failure reminiscent of the 2022 crashes. 
One of the prominent voices with doubts was Fantom developer Andre Cronje. As crypto.news <a href="https://crypto.news/ethena-ust-concerns-developer/" rel="">reported</a>, Cronje drew parallels between USDe, and TerraUSD (UST), an algorithm stablecoin designed by Do Kwon’s Terraform Labs.&nbsp; 
At its peak, UST commanded an $18 billion market cap. But when the token crashed, it triggered a $60 billion implosion across the Terra ecosystem and kickstarted a bankruptcy domino through the crypto landscape. 
Despite industry skepticism, USDe has <a href="https://crypto.news/ethenas-usde-stablecoin-market-cap/" rel="">garnered</a> user demand and has a market cap of nearly $3 billion per DefiLlama. Also, the protocol added more cryptocurrencies to its reserves and <a href="https://crypto.news/ethena-labs-usde-frax-pool/" rel="">tied</a> partnerships with liquidity pool providers like Frax Finance. 
 Read more: <a href="https://crypto.news/ethena-bybit-partner-to-integrate-usde-for-perpetual-futures/" rel=""> Ethena, Bybit partner to integrate USDe for perpetual futures </a>

Ethena Labs releases triple USDe attestation

目次

crypto.news

2024年5月27日公開の他の記事

Will There Be an ETF Rally in Solana and XRP? JP Morgan Announced!

XRP ETF Or SOL ETF? Which Will Be Next In Line In 2024?

Chainlink (LINK) Breaks Key Levels: Bullish Momentum Backed by On-Chain Data

Solana (SOL) price encounters resistance near $190 — Here is why

Crypto Expert Confident Over LEASH, BONE Listings On Binance

Analyst Predicts Solana’s Price Drop

ニュースレターを購読して暗号資産の最新情報を毎日入手！