Ethena Labs representatives assured the community of the resilience of the “synthetic dollar” USDe.
USDe issuer Ethena Labs is preparing to launch the UStb stablecoin in collaboration with Securitize, a platform specializing in the tokenization of real-world assets (RWA).
BlackRock USD Institutional Digital Liquidity holds assets in US currency, short-term treasury bills, and REPO agreements. Since its launch in March, the AUM of the fund has grown rapidly, making it the largest in its segment (~$522 million).
The total market volume of tokenized securities exceeds $2.2 billion.
Launched in February, the “synthetic dollar” USDe has become the fifth-largest stablecoin by market capitalization, reaching $2.55 billion.
This asset differs from traditional “stablecoins” by employing derivative hedging strategies instead of direct backing with fiat money and/or financial instruments.
USDe uses Bitcoin, Ethereum, Solana, and other crypto assets as collateral. A mint and burn system is employed to maintain the peg to the US dollar. Yield is generated through cash-and-carry arbitrage, among other methods.
The community has repeatedly expressed concerns about various risks, including depeg of USDe. For instance, CryptoQuant analysts recommended monitoring the stablecoin’s reserve fund. According to their calculations, under conditions of negative funding rates, the structure can be maintained if the “synthetic dollar” capitalization does not exceed $3 billion.
Ethena representatives wrote the following:
According to them, the composition of the “synthetic dollar” collateral can be adjusted if necessary. USDe may benefit from the inclusion of UStb “during periods of weak funding conditions.”
The company also intends to use the new stablecoin as an alternative to USDe for margin collateral on centralized exchanges like Bybit and Bitget, with which it has already partnered.
Previously, attackers targeted the frontend of the Ethena protocol.
