Data: Ethena's USDe stablecoin has achieved nearly $100 million in redemptions this week

ChainCatcher news, according to The Block, Ethena's USDe stablecoin has experienced nearly $100 million in redemptions over the past few days. Despite Bitcoin falling below $50,000 and Ethereum losing its 2024 gains, USDe has successfully maintained its peg to the dollar, briefly dipping to $0.997 before rebounding to $1.

This redemption may have been driven by severe market volatility. On Monday, leveraged trading liquidations on centralized exchanges exceeded $1 billion, while over $400 million occurred on DeFi protocols. Ethena founder Guy Young confirmed on social media that there were no issues during the redemption process, with the amount processed exceeding $50 million, setting a new record.