It is the business as usual for the USDE of Ethena, since the synthetic stablocoin seemed to resist the storm caused by the marketing of the market of the White House commercial threats.
The USDE differs from Stablecoins such as the USDC of the circle because it is a synthetic stable and is not backed by fiduciary assets in a 1: 1. 1 ratio. The stablecoin maintains its $ 1 PEP by guaranteeing the stablecoins and taking advantage of a cash and transport trade and transportation , which implies taking futures positions with great open interest available to stabilize the value.
Usde spent most of the negotiation day on Monday maintaining its $ 1 plug, with brief casualties at $ 0.999. Coingcko data shows that Stablecoin market capitalization rose above $ 6 billion, compared to approximately $ 5.7 billion per week.
Its financing rate also remained positive according to the data in the chain. Financing rates are crucial to keep the USDE PEG to the dollar and manage market balance.
A positive financing rate indicates that long position holders are paying a small rate to short position holders. This suggests a slightly optimistic market feeling.
Another reason why the USDE may have maintained its plug is because of the nature of the interests of the Token, which currently pays a 10%APy, which has been stable in the last 30 days according to a Dune Analytics board.
Last year, some concern about the size of the Ethena reserve fund for the USDE, with a Cryptoquant research house, highlighting that the fund may not be sustainable more than $ 4 billion.
However, this reserve fund has grown proportionally to the USDE market capitalization, and is $ 46.6 million at the end of the fourth quarter of 2024.
Crityset Market Safe Haven?
USDE stability plus yield attractive means that investors could take refuge in the token. Arthur Hayes, Investment Director of Digital Asset Investment Fund Maelstrom and co -founder of Bitmex, who expects BTC to slide to $ 75,000 in the coming weeks, has record exhibition to the USDE.
“Maelstrom has increased the amount of Ethena $ USDE that is maintained at record levels and continues to take profits in several shit positions,” said Hayes in a blog post last week.
“We are still very net long, but if my feeling is correct, then we will be positioned with large amounts of dry dust ready to buy the sauce in Bitcoin and a mega sauce in many quality shit,” Hayes added. Hayes is an Ethena investor and advisor.
