Opinion: USDe is a financial certificate rather than a stablecoin, and the marketing narrative is misplaced to strive for more usage scenarios

On October 11th, Conflux Forgiven expressed its opinion on USDe, a subsidiary of Ethena Labs, saying that USDe is essentially a wealth management certificate rather than a stablecoin. Some users also pointed out that USDe is a Hedge Fund Product (hedge fund product), but its own rebase mechanism NAV can forever anchor 1 dollar. "USDe is a stablecoin" This is the biggest dislocation in the marketing narrative positioning, of course, deliberately, because it can strive for more usage scenarios, such as payment, such as making US dollar trading pairs, such as making margin. But the reality is that USDe is a radical financial product innovation.
Vida, founder of today's formula news, said that the source of this large-scale liquidation may be "USDe arbitrageurs' revolving loan position was liquidated", resulting in a decrease in USDe's collateral capacity as a unified account collateral, triggering more market makers who use USDe as margin. Positions were liquidated. Ethena later issued a reserve certificate in response to market doubts, saying that USDe still has about 66 million US dollars of excess collateral.