{"id":15875,"date":"2024-08-06T16:21:09","date_gmt":"2024-08-06T13:21:09","guid":{"rendered":"https:\/\/forklog.com\/en\/usde-redemptions-surpass-100-million-amid-market-downturn\/"},"modified":"2024-08-06T16:21:09","modified_gmt":"2024-08-06T13:21:09","slug":"usde-redemptions-surpass-100-million-amid-market-downturn","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/usde-redemptions-surpass-100-million-amid-market-downturn\/","title":{"rendered":"USDe Redemptions Surpass $100 Million Amid Market Downturn"},"content":{"rendered":"<p>Since August 5, the issuer of the collateralized stablecoin USDe, Ethena Labs, has redeemed approximately $100 million. This was spurred by a general downturn in the cryptocurrency market.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1142.webp\" alt=\"1-1142\" class=\"wp-image-238442\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/parsec.fi\/\">Parsec Finance<\/a>.\u00a0<\/figcaption><\/figure>\n<p>The token maintained its peg to the US dollar, slightly dipping to $0.997 before recovering to its target level of $1.<\/p>\n<p>According to <a href=\"https:\/\/parsec.fi\/dashboard\">Parsec Finance<\/a>, the cryptocurrency derivatives market saw $1 billion in liquidations, while DeFi protocols experienced $350 million in liquidations.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cI confirm there are no issues with daily redemptions exceeding $50 million, which is the largest figure to date. [\u2026] Every stress test like this, and others we have faced this year, provide additional assurances of the system&#8217;s resilience,\u201d<\/em> stated Ethena Labs founder Guy Young.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">While painful, I hope every stress test like this and others we have been through this year provide additional comfort on the go-forward resilience of the system<\/p>\n<p>\u2014 G | Ethena (@leptokurtic_) <a href=\"https:\/\/twitter.com\/leptokurtic_\/status\/1820383210502492502?ref_src=twsrc%5Etfw\">August 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, the market capitalization of Ethena Labs&#8217; stablecoin surpassed $3 billion just four months after launch, outpacing all competitors.<\/p>\n<p>CryptoQuant <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-advises-usde-holders-to-monitor-reserve-fund\">advised<\/a> USDe holders to monitor this parameter. According to calculations, under conditions of negative funding rates, the reserve fund can be maintained if the capitalization of the &#8220;synthetic dollar&#8221; does not exceed $3 billion.<\/p>\n<p>Previously, experts <a href=\"https:\/\/forklog.com\/en\/news\/analysts-examine-usde-stablecoin-vulnerabilities-amid-market-volatility\">examined<\/a> the asset&#8217;s vulnerabilities amid extreme market fluctuations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since August 5, the issuer of the collateralized stablecoin USDe, Ethena Labs, has redeemed approximately $100 million. This was spurred by a general downturn in the cryptocurrency market. Data: Parsec Finance.\u00a0 The token maintained its peg to the US dollar, slightly dipping to $0.997 before recovering to its target level of $1. According to Parsec [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1500,1145,807],"class_list":["post-15875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethena","tag-market-analysis","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15875"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15874"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}