We really need to enjoy our weekend, so we’re just going to park this X post from Omer Goldberg explaining how Ethena’s USDe coin broke the buck for now after Trump’s China announcement on Friday:
For those who don’t know, USDe is a so-called Delta One-configured coin, meaning that instead of being backed by safe assets like U.S. Treasuries, it’s backed by prominent crypto coins that are hedged with perpetual futures.
In commodity markets, this would be better known as a contango trade.
We’re sure the regulators are watching carefully!
