On April 17th, CryptoQuant, a cryptocurrency data analysis platform, released an analysis article stating that as long as the market value of USDe remains below $3 billion (currently $2.4 billion), its reserve fund ($32.7 million) can withstand a period of negative interest rates. CryptoQuant pointed out that even during a bear market, most fund payments are positive (Ethena earns income), and the reserve fund can grow. However, extreme events such as the collapse of the FTX trading platform (which may lead to long-term payment rates) can result in a significant reduction in the reserve fund within a few days. In order to safely cope with special events of significantly negative interest rates at larger market values of $5 billion, $7.5 billion, or $10 billion, the reserve fund needs to be increased to approximately $400 million, $600 million, and $800 million, respectively.

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