Ethena USDe Explained: The Basis Trade Behind a Synthetic Dollar
USDe pays double-digit yield by going long spot crypto and shorting the same coin's perpetual futures. It works — until funding flips negative.
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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.
The attacker converted the full haul into 12,084 ETH at ~$1,966 and routed most of it through Tornado Cash, the laundering pattern that keeps drawing OFAC's attention.
The U.S. government transferred assets seized from FTX and Alameda Research to Coinbase Prime roughly eight hours ago…
Whales pulled $478M of ETH off exchanges as oil spiked and Bitcoin slid under $64K on Iran strikes, exposing a diverging risk read between the two majors.
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.
BoA scales digital assets, Bitmine targets 5% of ETH, and long-term holders distribute into a stalled tape. The institutional tape tells one story.
Ondo Finance tokenizes US Treasuries into USDY and OUSG, gated to verified investors. Here's how each product differs and what ONDO the token actually does.
USDC and USDT face payment-stablecoin rules. BUIDL and OUSG look more like funds. The line between them is the fight.
Geopolitics punctured a fragile bounce, but the regulatory tape tells a deeper story about how Washington now frames digital assets.
US spot ETFs bled $4B in June while Tokyo, Seoul and Luxembourg quietly absorbed the next wave of structural adoption, drawing a sharper line between retreat and construction.
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.
A shock $7.7B stablecoin exit on US-Iran strikes says risk-off is real, but Vanguard, BitMine and a $500M ETF bid say positioning is already hunting the bottom.
A Brent spike above $90, fresh Tokyo clarity, and a $105M ETH ETF day redraw the East-West rails just as Western risk-off sets in.
As Washington locks down stablecoins and bans a retail CBDC, MiCA forces smaller players out. The map of who clears dollars is being redrawn in real time.
Iran shocks and a stalled bill stole the headlines, but the day’s real signal sat in payments, ETFs, and Japan quietly rewriting its crypto tax code.
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.
ETHFI gives the protocol's governance token a fee claim, but most yield comes from active AVS selection, and slashing cuts through LRT holders first.
A US-UK roadmap for stablecoins and tokenized assets, the CLARITY Act clock, and a banking lobby fightback reveal where the next adoption wave is actually being built.
A large ETH withdrawal into staking offers a rare signal of commitment, but rising Treasury yields and fresh protocol risk make yield quality the real test.
In the US, swapping USDC for USDT is a taxable event, even though the price barely moved. Most DeFi users are not tracking these swaps correctly.