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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…
The move extends USDe's delta-neutral strategy beyond crypto, as Binance equity perpetuals show growing activity and Ethena targets a much larger global equities market.
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.
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.
BoA scales digital assets, Bitmine targets 5% of ETH, and long-term holders distribute into a stalled tape. The institutional tape tells one 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.
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.
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.
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.
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.
Lookonchain
TheBlock
Marco De Santis
Alex Morgan
Ethan Brooks
Lina Haddad