Ethena's USDe has crossed the 10 billion USD market value milestone, and the narrative of synthetic dollars continues to expand, accelerating the competition in yield-bearing stablecoins.



Core contradiction: How to maintain "sustainability" in the switch between bull and bear markets regarding yield/risk.

If regulators set higher disclosure and hedging requirements for "yield-bearing stablecoins," the industry threshold will be raised again.

Supporting observations: Acceptability of exchange margin, inventory of market makers, and redemption liquidity thresholds.