Ethena USDe

Joe Biden

USDe

Ethena

<p class="is-style-lead">Ethena’s (ENA) price has crashed by 61% from its all-time high and is nearing its record low as concerns about its stablecoin rise.&nbsp;</p> 
<p><a href="https://crypto.news/price/ethena/" target="_blank" rel="noreferrer noopener">ENA</a> peaked at $1.13 in June and has dropped to $0.440, bringing its market cap from over $2 billion to $755 million.&nbsp;</p> 
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<p> You might also like: <a href="https://crypto.news/jump-capital-wallet-stables-launch/"> Jump Capital-backed stablecoin wallet Stables rolls out services in Europe </a> </p> 
<h2 class="wp-block-heading" id="polymarket-users-expect-ethena-usde-to-maintain-its-peg">Polymarket users expect Ethena USDe to maintain its peg</h2> 
<p>Meanwhile, Ethena’s USDe stablecoin has maintained its peg in the past few months as its assets jumped to over $3.39 billion. It has become the fourth-biggest stablecoin in the industry after Tether, USD Coin, and Dai.</p> 
<p>Participants in Polymarket, the fast-growing betting platform, believe that the USDe token will not lose its peg this year. The probability of its <a href="https://polymarket.com/event/ethena-exploit-depeg-in-2024?tid=1721741545614" target="_blank" rel="">collapse</a> has dropped from 16% in June to just 5% this week.</p> 
<p>This bet has attracted over $72,440 in predictions. If it crashes below 90 cents for 12 hours or more, it will resolve on December 31 this year or before that.</p> 
<p>Polymarket has become a popular betting platform, and its users have made several accurate predictions. For example, users recently predicted that Joe Biden would avoid the general election. Polymarket’s base also predicted that spot <a href="https://crypto.news/ethereum-name-service-jumps-7-on-day-spot-ethereum-etfs-launch/" target="_blank" rel="noreferrer noopener">Ethereum ETFs</a><strong> </strong>will start trading before July 26.</p> 
<h2 class="wp-block-heading" id="usde-offers-an-exciting-9-2-yield">USDe offers an exciting 9.2% yield</h2> 
<p>The USDe stablecoin differs from Tether and USD Coin in that fiat currencies do not back it. Instead, it is an algorithmic stablecoin whose peg is <a href="https://ethena-labs.gitbook.io/ethena-labs/solution-overview/yield-explanation" target="_blank" rel="">maintained</a> by spot crypto assets.&nbsp;</p> 
<p>Holders love it because of its substantial yield, which is 9.4%, higher than U.S. government and corporate bonds.&nbsp;</p> 
<p>It generates this yield by staking assets in Ethereum and by the funding and basis spread generated from derivative positions. Over 256,000 users hold the USDe token.&nbsp;</p> 
<p>USDe’s mechanics have led to comparisons with Terra USD, which promised huge returns but collapsed in 2022, costing investors over $40 billion.&nbsp;</p> 
<p>Many stablecoins have lost their pegs in the past. Terra USD, which was pegged at $1, has crashed to $0.019 while USDX lost its peg and was trading at $0.7953.&nbsp;</p> 
<p>USDe has grown recently through <a href="https://crypto.news/ethena-price-forms-inverse-hs-amid-usde-integrations/" target="_blank" rel="noreferrer noopener">integration</a> with multiple platforms. It recently integrated with Skroll, a native zero-knowledge EVM platform for Ethereum. This partnership means that Skroll users will benefit from faster transactions, lower fees, and better security features.&nbsp;</p> 
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   <p lang="en" dir="ltr">Ethena introduces USDe to Scroll, a synthetic dollar that doesn’t rely on traditional banking infrastructure. As a crypto-native, scalable solution for money, USDe delta-hedges crypto collateral to produce a synthetic dollar in USDe with a separate value-accruing token in sUSDe.</p>— Scroll 📜 (@Scroll_ZKP) <a href="https://twitter.com/Scroll_ZKP/status/1815733679664296147?ref_src=twsrc%5Etfw" target="_blank" rel="">July 23, 2024</a>
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<p> You might also like: <a href="https://crypto.news/trump-strategic-bitcoin-reserve-unlikely/"> Polymarket: Trump announcing a strategic Bitcoin reserve unlikely </a> </p>

Polymarket: Ethena’s USDe stablecoin will not lose its peg in 2024

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