Viewpoint: USDe is a financial certificate rather than a stablecoin; its marketing narrative is misaligned in order to seek more use cases.

ChainCatcher reported that Conflux co-founder Forgiven commented on Ethena Labs' USDe, stating that USDe is essentially a financial certificate rather than a stablecoin. Some users also pointed out that USDe is a Hedge Fund Product, but with a built-in rebase mechanism, its NAV can always be anchored at 1 USD. The narrative that "USDe is a stablecoin" is the biggest misalignment in its marketing positioning, which is of course intentional, as it can attract more use cases, such as payments, USD trading pairs, or margin collateral. In reality, however, USDe is a radical financial product innovation.

Vida, founder of Formula News, stated that the source of today's large-scale liquidations may be "USDe arbitrageurs' looped lending positions being force-liquidated," resulting in a decline in the collateral capacity of USDe as a unified account collateral, which triggered more liquidations of positions by market makers using USDe as margin. Subsequently, Ethena released a proof of reserves in response to market doubts, stating that USDe still has approximately 66 million USD in excess collateral.