USDe, DAI, and USDO are stablecoins with different issuance mechanisms:

- USDe: A synthetic dollar protocol stablecoin issued by Ethena, where whitelisted clients provide assets like BTC, ETH, etc., to exchange for an equivalent amount of USDe after deducting fees. The protocol simultaneously shorts perpetual contracts to achieve delta balance, with assets held by an off-chain service provider, reaching a maximum scale of over $6 billion.

- DAI: Issued by MakerDAO, users collateralize ETH or other collateral to mint DAI proportionally. Smart contracts lock the collateral and record DAI as debt, with a scale of approximately $5 billion as of May 21, 2025.

- USDO: The USUAL project issues using the RWA model, with a scale exceeding $500 million, aiming to distribute deposit profits to users. However, when the USual token depreciates or RWA yields decrease, its attractiveness may diminish. #币安Alpha上新 #币安钱包TGE #以色列伊朗冲突 $BTC $ETH