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.
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.
A single transfer of roughly 109.2 million USDT landed on OKX from an unidentified wallet, according to on-chain data…
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.
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.
A fresh $250 million in USDC — 250,000,000 tokens valued at approximately $249.97 million — was minted directly at the…
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.
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.
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.
Tokenized T-bills carry yield but settle slower and carry KYC baggage. USDT and USDC are faster and more flexible. Here is how to pick.
A $740B equity rout, a fresh hawkish dot plot, and a parade of hacks and taxes — yet the loudest names in the brief are still BTC and ETH. Today's split-screen tells you where attention and action diverge.
USDC and USDT face payment-stablecoin rules. BUIDL and OUSG look more like funds. The line between them is the fight.
BlackRock's BUIDL and Ondo's OUSG and USDY all tokenize short-duration US Treasuries, but they differ sharply on access, payouts, and chains.
USDY, OUSG, and USDC may all represent dollar value on-chain, but their yield, redemption, access, tax, and liquidity mechanics differ sharply.
Spot BTC slides under $63K on hawkish Fed dots, but exchange outflows and a 250M USDC mint tell a more nuanced story of positioning.
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.
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.
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.
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.