Updated: August 7, 2024 10:15 AM EDT
Athena This one
-6.15%
+3.07%
The company said,According to the statement, “We are confident that this integration (with Solana) will significantly increase the adoption of USDe and sUSDe, and provide an entirely new marketplace for traders to offer reward-earning assets in sUSDe. This is a significant improvement over the existing stablecoin experience.”
Ethena also added SOL as a supported asset. In April, Ethena Labs added Bitcoin as a backing asset for its “synthetic dollar,” which currently has a market cap of over $3 billion. Block Price Page.
“This not only strengthens the backing strength and security of USDe, but also unlocks an additional $2-3 billion in open interest in the SOL futures market, allowing USDe to continue its expansion,” Ethena said in a statement, adding that since adding Bitcoin as a backing asset, USDe’s circulating supply has increased by over $1 billion.
Unlike other stablecoins such as market-leading USDT and USDC, Ethena’s USDe token is It uses a mechanism that does not rely on direct fiat currency or tangible asset support. Instead, Ethena uses a derivative hedging strategy using collateral positions containing Ether and Bitcoin and an arbitrage system for minting and redeeming to maintain the US dollar peg.
USDe experienced nearly $100 million. In custody It is likely a result of the overall market sell-off that saw Bitcoin drop below $50,000 a few days ago.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
About the Author
RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.