TechFlow reported on August 6, according to The Block, that Ethena's USDe stablecoin experienced nearly $100 million in redemptions over the past few days. Despite Bitcoin falling below $50,000 and Ethereum losing its 2024 gains, USDe successfully maintained its peg to the dollar, briefly dipping to a low of $0.997 before recovering back to $1.
The redemption surge may have been driven by heightened market volatility. On Monday, leveraged trading liquidations exceeded $1 billion on centralized exchanges and over $400 million on DeFi protocols. Ethena founder Guy Young confirmed on social media that the redemption process proceeded smoothly, with more than $50 million in redemptions processed—a new record high.
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