The post Ethena’s USDe Sees Record $268M Redemption in One Day appeared on BitcoinEthereumNews.com.

Ethena’s USDe stablecoin saw a record $268 million redemption, reducing its circulating supply by 4.7% in a single day. Despite the large redemption, USDe maintained its stability, while investors monitor Ethena’s upcoming $820 million token unlock for potential market impact. On March 1, 2025, Ethena’s stablecoin USDe saw the highest redemption in history. A single day’s $268 million outflow led to a total USDe supply drop of almost 4.7%. The two largest entities to draw funds were Sky with $70 million and address 0x59…705d with a $180 million redemption. Source: Dune Impact on the USDe Ecosystem Such large redemptions in the stablecoin space can cause some concern. Still, USDe has been able to maintain stability free from any significant challenge against the US dollar. This shows that existing Ethena mechanisms can control large inflows without causing market volatility. Still, Ethena appeals to a lot of people from different backgrounds. Earlier, MEXC has invested $20 million in synthetic USDe to accelerate its acceptability in the growing stablecoin market, according to CNF. To further attract more users and increase USDe ecosystem activity, MEXC now offers zero-fee trading and staking programs. iUSDe Launch and ENA’s Market Reaction The company also finished a $100 million fundraising private ENA token sale. Among numerous large investors attracted by this fundraising round were Franklin Templeton and F-Prime Capital. One of Ethena’s biggest forward moves is releasing iUSDe, a stablecoin designed primarily for financial institutions with wrapped contract features, transfer restrictions, and alignment with fixed income portfolios. In among these developments, ENA’s price dropped dramatically. After downing 17.24% in the last 24 hours, ENA was trading at $0.3485 at the time of writing. Its market value fell too, to less than the $1.2 billion mark. Ethena’s Stability Tested Amid Token Unlock One factor affecting things now is the…

---

Filed under: News - @ March 4, 2025 12:25 pm