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The backing of USDe has historically been primarily composed of short perpetual futures positions against spot crypto collateral, generating returns through funding rate collection. However, perpetual futures positions make up just 11% of the USDe backing today, with the rest allocated to a variety of stablecoin reserve and DeFi lending
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Stablecoins have become one of the best examples of product market fit in crypto and power the industry’s onchain and offchain economy. Every week there is a new headline about Wall Street incumbents working on their own stablecoin as the use cases for both their users and the business
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// Ethena Labs: Enabling the Internet Bond_ Ethena has been built to address the largest and most obvious immediate need within crypto. DeFi aims to create a parallel financial system, yet the sector’s most important financial instrument – stablecoins – are completely tethered to, and reliant upon, traditional banking infrastructure. It is