Analyst Warns Ethena’s USDE Could Disrupt Stablecoin Market Dominated by USDT and USDC

One analyst has warned that the growing popularity of Ethena’s USDE, a synthetic dollar backed not by fiat but by assets such as staked ETH derivatives, could disrupt traditional fiat-backed stablecoins such as USDT and USDC. This warning comes in the context of Ethena and its USDE stablecoin’s partnership with cryptocurrency exchange Bybit, which supports perpetual trading and offers innovative incentives such as returns on trades that could lure traders away from USDT and USDC. Critics, however, question the sustainability of the high yields promised by the USDE, suggesting that the Reserve Fund’s $10 million may not be enough to maintain its peg if yields fall.

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