One analyst has warned that the growing popularity of Ethena's USDE, a synthetic dollar that is not backed by fiat currencies but is backed by assets such as ETH derivatives, could disrupt stablecoins backed by traditional fiat currencies such as USDT and USDC.
The warning comes against the backdrop of Ethena and its stablecoin USDE's partnership with cryptocurrency exchange Bybit, which supports perpetual trading and offers innovative incentives such as trading yields that could divert traders from USDT and USDC.
However, critics question the sustainability of the high yields promised by USDE, arguing that the 10 million dollar reserve fund may not be enough to maintain its peg if yields fall.
Analyst: USDE could disrupt stablecoin markets backed by traditional fiat currencies such as USDT and USDC
2024-05-09 02:54:44
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