Viewpoint: USDe is a financial management certificate rather than a stablecoin, and the misalignment in marketing narrative aims to secure more use cases

ChainCatcher news, Conflux co-founder Forgiven expressed views on USDe under Ethena Labs, stating that USDe is essentially a financial certificate rather than a stablecoin. Some users also pointed out that USDe is a Hedge Fund Product, but it comes with a rebase mechanism that can always anchor its NAV to 1 dollar. "USDe is a stablecoin" is the biggest misalignment in marketing narrative positioning, which is certainly intentional, as it can attract more use cases, such as payments, trading pairs in dollars, and margin trading. But the reality is that USDe is a radical financial product innovation.

Today, Equation News founder Vida stated that the source of this massive liquidation may be "USDe arbitrageurs' circular loan positions being forcibly liquidated," leading to a decline in the collateral capacity of USDe as a unified account collateral, triggering more positions of market makers using USDe as margin to be forcibly liquidated. Subsequently, Ethena released a reserve proof in response to market doubts, stating that USDe still has about 66 million dollars in excess collateral.