According to TechFlow, on August 6, The Block reported that Ethena's USDe stablecoin has experienced nearly $100 million in redemptions in the past few days. Despite the backdrop of Bitcoin falling below $50,000 and Ethereum losing its 2024 earnings, USDe has successfully maintained its peg to the U.S. dollar, hitting a low of $0.997 before rebounding to $1.
The redemption may have been driven by the sharp market volatility, with leveraged liquidations on centralized exchanges exceeding $1 billion and DeFi protocols exceeding $400 million on Monday. Ethena founder Guy Young confirmed on social media that there were no problems with the redemption process, and that the amount of redemptions processed exceeded $50 million, a new high.