Chainfeeds Guide:
Ethena maintains the anchoring of its $5 billion stablecoin USDe through Delta neutral hedging strategy and risk management, demonstrating competitive advantages in crypto market volatility. Chinese version compiled and published by BlockBeats.
Article Source:
https://www.theblockbeats.info/news/58310
Article Author:
Four Pillars
Perspective:
BlockBeats: Ethena's USDe stablecoin is not backed by bank deposits or cash, but instead uses a collateral portfolio comprising multiple assets like ETH, BTC, SOL, LSTs, and USDtb, with dynamic hedging through continuous short positions on major exchanges (such as Binance, Bybit, OKX). This delta neutral strategy ensures that when collateral prices fluctuate, the gains and losses from short positions can precisely hedge changes in net asset value, maintaining USDe's constant $1 peg. This mechanism requires extremely high trading responsiveness and capital allocation efficiency. Ethena not only deploys automated trading robots for second-level adjustments but can also maintain asset integrity and system solvency during hacking events (like Bybit's attack). Despite facing extreme market volatility, Ethena has achieved an operational miracle with its stablecoin, avoiding depegging, liquidation, and funding gaps through systematic hedging management and decentralized asset custody mechanisms. While Ethena's delta neutral strategy can theoretically be imitated, practically replicating its operational mechanism is nearly impossible. First, there are institutional-level custody and hedging channels: Ethena has established deep collaborations with custodians like Ceffu, Copper, and Fireblocks, and obtained high credit limits from multiple exchanges, enabling rapid deployment of billions in short positions with minimal slippage. Second, there are risk control capabilities and automated system construction. Distributing funds across multiple platforms, combined with multi-strategy asset management and instant risk reassessment capabilities, means its system complexity and management thresholds far exceed those of ordinary stablecoin projects. Additionally, Ethena has established a reserve fund to address negative funding rate cycles, ensuring sustainable returns, and maintaining stability during severe market fluctuations, further building trust barriers and a snowball effect. This performance-based moat becomes Ethena's core competitive advantage in dominating the high-end stablecoin market. Ethena has set a growth path for USDe to reach a $25 billion market cap, primarily by building a "currency-chain-application" closed-loop ecosystem. First, USDe for DeFi and iUSDe for institutions will meet different users' compliance and yield requirements. Second, deeply integrating USDe into the Converge chain to form an efficient and stable settlement and trading infrastructure. Simultaneously, Ethena plans to launch a high-yield savings application based on Telegram, introducing sUSDe to zero-threshold users through a simple interface. In the macro environment, Ethena's yield model forms an arbitrage relationship with traditional interest rates: when the Federal Reserve cuts rates, on-chain funding rates relatively rise, enhancing USDe's attractiveness and naturally driving capital inflow. This model creates a growth-adoption-yield flywheel effect, potentially pushing USDe to the core of the mainstream stablecoin market, covering application scenarios from DeFi to TradFi.
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