According to the Daily Planet, hedging positions on Ethena, the protocol behind USDe, currently account for more than 5% of the global Ethereum perpetual futures open positions. USDe is a token pegged to the value of the US dollar that offers high returns. Although it is described as a stablecoin, the team avoids using this term and instead explains it as a "synthetic dollar."
According to CoinGecko data, the project's advertised annualized yields of up to 27% have attracted users to mint about $420 million in USDe tokens so far. However, Ethena founder Guy Young said he is not worried about the current situation, but the protocol may face difficulties with a higher market share.