@zhangwuji
Ethena's USDe is a synthetic dollar stablecoin backed by crypto assets (e.g., ETH, BTC, stETH) and delta-hedged via short perpetual futures positions on centralized exchanges. This delta-neutral strategy offsets collateral volatility: gains/losses on spot holdings are countered by opposite moves in shorts, maintaining ~$1 peg without fiat reserves. Yield comes from staking rewards and positive funding rates paid to shorts.
Depeg risks include: prolonged negative funding rates draining reserves (mitigated by a reserve fund); exchange/custody failures; liquidity crunches during mass redemptions; and venue-specific issues, as seen in October 2025 when USDe briefly hit $0.65 on Binance amid market crash (localized, not systemic; recovered quickly with $2B redemptions processed).
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