Ethena的USDE在白宮的貿易戰威脅中保持市場波動中的$ 1釘

USDE與此類Circle的USDC有所不同，因為它是一種合成的穩定劑，而不是以1：1的比例支持FIAT資產。

Synthetic stablecoin USDe appeared to weather the storm brought on by market volatility from the White House's trade war threats.

合成的Stablecoin USDE似乎正在避免白宮貿易戰威脅所帶來的市場波動所帶來的風暴。

The token, created by Ethena, is designed to maintain a 1:1 peg to the dollar without being backed by fiat assets. Instead, it maintains its value through a mechanism of collateralized stablecoins and a hedged cash-and-carry trade, which involves taking futures positions with large open interest available to stabilize value.

Ethena創建的代幣旨在將1：1的釘子保持在美元上，而不會得到菲亞特資產的支持。取而代之的是，它通過抵押穩定的機制和對沖現金交易的機制來維持其價值，該機制涉及採取具有巨大開放興趣的期貨頭寸以穩定價值。

Data from CoinGecko on Monday showed that USDe spent most of the day trading around the $1 mark, with brief dips down to $0.999. The stablecoin's market cap inched above $6 billion, up from about $5.7 billion a week ago.

Coingecko週一的數據顯示，USD在一天的大部分時間裡都花費了1美元，短暫下跌至0.999美元。 Stablecoin的市值超過了60億美元，高於一周前的57億美元。

Its funding rate also remained positive according to on-chain data. Funding rates are crucial for maintaining USDe's peg to the dollar and managing market equilibrium.

根據鍊鍊數據，其資金率也保持正面。資金率對於維持USD的釘子和管理市場均衡至關重要。

A positive funding rate indicates that holders of long positions are paying a small fee to holders of short positions. This suggests a slightly bullish market sentiment.

正面的籌資率表明，長頭寸的持有人向持有人支付少量費用。這表明有一些看漲的市場情緒。

Another reason why USDe may have maintained its peg is because of the interest bearing nature of the token, which currently pays out an APY of 10%, which has been stable over the last 30 days according to a dashboard from Dune Analytics.

USDE可能堅持其PEG的另一個原因是，由於Dune Analytics的儀表板，該代幣的興趣與代幣的興趣相關性質，目前付出了10％的APY。

Last year some concern was raised about the size of Ethena's reserve fund for USDe, with research house CryptoQuant highlighting that the fund might not be sustainable over $4 billion.

去年，人們對USDE的Ethena儲備基金的規模提出了一些擔憂，研究室加密強調，該基金可能無法可持續超過40億美元。

However, this reserve fund has grown proportionately to USDe's market cap, and stood at $46.6 million at the end of Q4 2024.

但是，該儲備基金已與USDE的市值成比​​例地增長，在2024年第四季度結束時為4660萬美元。

Crypto market safe haven?

加密市場避風港？

USDe's stability plus yield-bearing appeal may lead investors to take refuge in the token. One investor who is known to have a large exposure to USDe is Arthur Hayes, chief investment officer at digital asset investment fund Maelstrom and co-founder of BitMEX, who expects BTC to slide to $75,000 in coming weeks.

USD的穩定性加上屈服的吸引力可能會導致投資者在代幣中避難。眾所周知，一位眾所周知的USDE投資者是Digital Asset Investment Fund Maelstrom的首席投資官，Bitmex的聯合創始人Arthur Hayes，他希望BTC在未來幾週內滑到75,000美元。

"Maelstrom has raised the amount of staked Ethena $USDe it holds to record levels and continues to take profits on several shitcoin position," Hayes said in a blog post last week.

海斯在上週的博客文章中說：“漩渦已將其固定的Ethena $ USDE的數量提高到創紀錄的水平，並繼續以幾個Shitcoin職位上的利潤。”

"We are still bigly net long, but if my feeling is correct, then we will be positioned with copious amounts of dry powder ready to buy the dip on Bitcoin and a mega dip on many quality shitcoins," Hayes added. Hayes is an investor in and an advisor to Ethena.

海斯補充說：“我們仍然很長，但是如果我的感覺是正確的，那麼我們將被大量的干粉準備好購買比特幣上的蘸醬，並在許多優質的狗屎上傾斜。”海斯是投資者，也是Ethena的顧問。