Ethena的USDE在白宫的贸易战威胁中保持市场波动中的$ 1钉

USDE与此类Circle的USDC有所不同，因为它是一种合成的稳定剂，而不是以1：1的比例支持FIAT资产。

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似乎正在避免白宫贸易战威胁所带来的市场波动所带来的风暴。

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创建的代币旨在将1：1的钉子保持在美元上，而不会得到菲亚特资产的支持。取而代之的是，它通过抵押稳定的机制和对冲现金交易的机制来维持其价值，该机制涉及采取具有巨大开放兴趣的期货头寸以稳定价值。

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周一的数据显示，USD在一天的大部分时间里都花费了1美元，短暂下跌至0.999美元。 Stablecoin的市值超过了60亿美元，高于一周前的57亿美元。

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.

根据链链数据，其资金率也保持正面。资金率对于维持USD的钉子和管理市场均衡至关重要。

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.

正面的筹资率表明，长头寸的持有人向持有人支付少量费用。这表明有一些看涨的市场情绪。

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可能坚持其PEG的另一个原因是，由于Dune Analytics的仪表板，该代币的兴趣与代币的兴趣相关性质，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，人们对USDE的Ethena储备基金的规模提出了一些担忧，研究室加密强调，该基金可能无法可持续超过40亿美元。

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，该储备基金已与USDE的市值成比​​例地增长，在2024年第四季度结束时为4660万美元。

Crypto market safe haven?

加密市场避风港？

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的稳定性加上屈服的吸引力可能会导致投资者在代币中避难。众所周知，一位众所周知的USDE投资者是Digital Asset Investment Fund Maelstrom的首席投资官，Bitmex的联合创始人Arthur Hayes，他希望BTC在未来几周内滑到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.

海斯在上周的博客文章中说：“漩涡已将其固定的Ethena $ USDE的数量提高到创纪录的水平，并继续以几个Shitcoin职位上的利润。”

"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.

海斯补充说：“我们仍然很长，但是如果我的感觉是正确的，那么我们将被大量的干粉准备好购买比特币上的蘸酱，并在许多优质的狗屎上倾斜。”海斯是投资者，也是Ethena的顾问。