Insight: USDe is a financial instrument rather than a stablecoin, and its marketing narrative's dissonance is intended to target use cases.

Blockbeats

10/11

BlockBeats News, October 11th, Forgiven, a co-founder of Conflux, expressed his views on USDe, a project under Ethena Labs, stating that USDe is essentially a financial certificate rather than a ...

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Some users also pointed out that USDe is a Hedge Fund Product with a built-in rebase mechanism, where the Net Asset Value  can always be anchored to 1 US dollar. The claim that \"USDe is a stablecoin\" is the biggest misalignment in its marketing narrative, which is deliberate in order to attract more use cases, such as payments, USD trading pairs, and margin trading. However, the reality is that USDe is a form of aggressive financial product innovation.Founder of Today's Formula News, Vida, stated that the root cause of today's large-scale liquidation may be the \"forced liquidation of USDe arbitrageurs' loop positions,\" which led to a decrease in the collateral capacity of USDe as a unified account collateral, causing more liquidation of positions of market makers who were using USDe","collect":0,"end_time":0,"defaultTopTitle":"theblockbeats.info","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0106831901.USD":"贝莱德世界金融基金A2","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","NAV":"纳威司达","INAQU":"INSIGHT ACQUISITION CORP UNIT 1 CL A & 1/2 WT EXP (26/08/2026)","LU1861217088.USD":"贝莱德金融科技A2","BK4023":"应用软件"},"translate_title":"洞察：USDe是一种金融工具而不是稳定币，其营销叙事的不和谐旨在针对用例。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"INAQU":1.5,"NAV":1},"content_text":"BlockBeats News, October 11th, Forgiven, a co-founder of Conflux, expressed his views on USDe, a project under Ethena Labs, stating that USDe is essentially a financial certificate rather than a stablecoin. Some users also pointed out that USDe is a Hedge Fund Product with a built-in rebase mechanism, where the Net Asset Value (NAV) can always be anchored to 1 US dollar. The claim that \"USDe is a stablecoin\" is the biggest misalignment in its marketing narrative, which is deliberate in order to attract more use cases, such as payments, USD trading pairs, and margin trading. However, the reality is that USDe is a form of aggressive financial product innovation.Founder of Today's Formula News, Vida, stated that the root cause of today's large-scale liquidation may be the \"forced liquidation of USDe arbitrageurs' loop positions,\" which led to a decrease in the collateral capacity of USDe as a unified account collateral, causing more liquidation of positions of market makers who were using USDe as collateral. Subsequently, Ethena released a reserve proof in response to market doubts, stating that USDe still has approximately $66 million in excess collateral.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}