Massive Capital Outflow Ethena's stablecoin USDe has seen its circulating supply drop sharply from 14.8 billion tokens in early October to approximately 8.395 billion, a reduction of $6.5 billion. This significant decline has sparked widespread market concern. Security Concerns and Transparency Despite recent turmoil involving stablecoin projects with similar strategies, Ethena maintains relatively transparent reserve disclosures and position reporting. Its primary hedging assets—BTC, ETH, an...

Massive Capital Outflow Ethena's stablecoin USDe has seen its circulating supply drop sharply from 14.8 billion tokens in early October to approximately 8.395 billion, a reduction of $6.5 billion. This significant decline has sparked widespread market concern. Security Concerns and Transparency Despite recent turmoil involving stablecoin projects with similar strategies, Ethena maintains relatively transparent reserve disclosures and position reporting. Its primary hedging assets—BTC, ETH, an...