@mehrshaad
USDe, Ethena’s synthetic dollar, maintains its $1 peg through a delta-neutral structure: users deposit liquid collateral while Ethena shorts perps to hedge price risk.
Yield comes from funding and collateral earnings, with sUSDe stakers auto-compounding returns. From near zero in 2024, USDe supply soared to $15B before easing to $9–10B — still several times higher than early-year levels.
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