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USDe pays double-digit yield by going long spot crypto and shorting the same coin's perpetual futures. It works — until funding flips negative.
BFUSD, USD0, and USDF all pay yield but get it from very different places. Here is the structural breakdown of perp funding, RWA collateral, and synthetic dollars.
USD1 launched in 2025 with a $2 billion debut and political backing, but has no operating history. Here's how it stacks up against USDC and USDT.
Ethena's USDe pays yield through ETH perp funding rates, not bank deposits. The mechanism is clever but the trade has real failure modes that can collapse headline APY.
FTX was valued at $32 billion until a CoinDesk article triggered a bank run that destroyed it in days. Here is how the collapse happened and what it taught.
Open USD lands with BlackRock, Visa and Stripe behind it. Circle takes a 16% hit. Behind the launch, USDC mints and burns keep telling the real story.
USDC, DAI, and USDe all claim to be worth a dollar. The mechanism behind that promise, and the way it can break, is what separates them.
USDC issuance, a $53B PayPal bid, and cross-border rules all arrived on the same day. The through-line isn’t CPI. It’s the rails.
Amplification makes Curve swaps cheap near $1, but a stablecoin depeg can leave LPs holding the asset nobody wants. Compare Curve and Frax AMM tradeoffs.
Sky backs its dollar with crypto collateral; Ethena earns it with perpetual futures; Frax tried a middle path and nearly collapsed. Here is how each model works and where each one breaks.
BTC claws back above $66K on ETF inflows while a rate-hike scare, oil shock, and a stalled CLARITY Act reveal which narratives still have fuel.
Morgan Stanley greenlights ETH and SOL ETPs while the Fed forces a 33% rate-hike tail risk back into the conversation. Money is getting easier for some, tighter for others.
Spot BTC ETFs just bled $4B in a month, the 200-week moving average gave way, and stablecoin supply is contracting. Read that as a verdict on the era of speculative yield.
A softer oil impulse helped BTC reclaim $65K, but the next leg now sits with central banks, PCE data and whether ETF demand holds into the bid.
Brent cracks $100, equities sell off, and Bitcoin holds $65K. The consensus risk-off trade is failing in plain sight, and the reasons matter.
Beyond USDC, a new wave of bank- and consortium-issued stablecoins (USDG, PYUSD, RLUSD, USD1) promises stricter compliance. Here is how they differ on reserves, licensing, and redemption.
BTC defends $65K into a Fed week where hike odds just hit 38%, while CLARITY Act whiplash and ETF outflows test a sentiment that looks stronger than it feels.
Stablecoin issuance, lending flows, and Solana's expanding float point to real market plumbing, even as macro risk keeps speculation on a short leash.
Bitcoin sits near $66K with ETF inflows intact while $2.3B leaves stablecoins and the Fed's hiking odds climb to 62%. The liquidity picture is more split than the price.
Ethena's USDe dollar posts double-digit yield by going long spot ETH and short ETH perps, but the trade depends on funding rates staying positive and counterparty solvency holding.
Marco De Santis
Sofia Almeida
Alex Morgan
Ethan Brooks