The redemption amount of Ethena's stablecoin USDe has approached 100 million USD this week

PANews reported on August 6th, according to The Block, since Monday, the redemption amount of Ethena's USDe stablecoin has approached $100 million. The severe market turbulence may have triggered user redemptions, putting some pressure on the protocol. Meanwhile, USDe managed to maintain its peg to the dollar. However, The Block's Ethena price page shows that its price fluctuated slightly and once touched $0.997 before rebounding back to around $1. Currently, there are more than 3 billion tokens in circulation for USDe which is a 50% increase from April’s supply of 2 billion.

Ethena founder Guy Young stated on platform X: "Regarding Ethena, I can confirm that overnight processing of over $50 million in redemptions went without any issues; this was our largest redemption so far. Although it was painful process but I hope every stress test we've gone through this year and other tests will provide extra assurance for system resilience in future." This $50 million redemption is just part of it all. According to data from analysis platform Parsec, since Monday with major cryptocurrencies being heavily sold off nearly 96 million USDe tokens (equivalent to $96 million) have been redeemed into underlying collateral assets.