PANews reported on August 6 that according to The Block, redemptions of Ethena's USDe stablecoin have reached nearly $100 million since Monday. The violent market turmoil may have triggered user redemptions, putting some pressure on the protocol. At the same time, USDe has been able to remain pegged to the US dollar. However, The Block's Ethena price page shows that its price fluctuated slightly, once touching $0.997, and then rebounded to the $1 mark. USDe currently has a supply of more than 3.1 billion tokens, 50% higher than the 2 billion supply in April.
"On the Ethena side, I can confirm that there were no issues with processing over $50 million in redemptions overnight, which is the largest redemption to date, and while it was painful, I hope that every such stress test and others we've gone through this year will provide additional assurance for the future resilience of the system," said Guy Young, founder of Ethena, on the X platform. This $50 million redemption is just part of it. According to data from the analytics platform Parsec, nearly 96 million USDe tokens ($96 million) have been redeemed for underlying collateral assets since Monday as major cryptocurrencies sold off sharply.
