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Ethena Labs, the entity behind the USDe synthetic dollar, has released the asset’s first attestation report, which shows the stablecoin remained fully collateralized over the past week despite significant turbulence in the crypto market.
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CryptoQuant CEO Ki Young Ju has voiced concerns about Ethena’s recent decision to incorporate Bitcoin as a backing asset for its USDe synthetic dollar.
On April 4, Ethena Labs revealed plans to onboard BTC as a backing asset for USDe to create a safer product for its users.
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Ethena, the protocol powering the USDe synthetic dollar, raked in $6.53 million in fees over the last 24 hours, cementing its position as the top fee-generating decentralized application (dApp) in the crypto space, according to data from DeFillama.
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