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Author: defioasis By holding LST and an equivalent amount of perpetual contract short positions, Ethena has created a delta-neutral CDP, pioneering a new chapter in synthetic dollars . The yield on sUSDe (staked USDe) actually comes from basis trading, with the current sUSDe APY exceeding 11%. According to Etherscan data, as of May 8, the supply of USDe has reached 2.29 billion, making it the fifth largest stablecoin/synthetic dollar after USDT, USDC, DAI, and FDUSD. USDe vs UST: How its different The yield and growth rate of USDe inevitably remind people of UST in the past, where Anchor UST offered an annual yield of 20%, but ultimately collapsed overnight. However, there are significant differences between the two. Firstly, UST is an algorithmic stablecoin with mechanisms for arbitrage, minting, and burning between LUNA and UST to maintain parity with the dollar , whereas USDe has real backing assets hedged with delta-neutral positions. Secondly, USDe has a real business, namely basi...

A familiar tale of losing stocks and a surging greenback greets Bitcoin traders this week as $20,000 fails to sustain as support. Bitcoin (BTC) heads into the first week of September on a rocky road downhill after United States markets’ Jackson Hole rout. After the U.S. Federal Reserve reinforced hawkish comments on the Inflation outlook, risk assets sold off across the board, and crypto is still reeling from the aftermath. A fairly nonvolatile weekend did little to improve the mood, and BTC price action has returned to focus on areas below $20,000. In so doing, multiple weeks of upside have effectively disappeared, and in turn, traders and analysts expect a retest of the macro lows seen in June this year. While all is now quiet regarding the Fed until the September rate hike decision, there is still plenty of room for upset as geopolitical uncertainty and inflation persist, the latter still increasing in Europe. However, as last week, Bitcoin appears fundamentally resilient as a netw...

The U.S. dollar has been the clear winner as investors seek shelter in the largest global economy, but could the British pound's weakness be a positive for Bitcoin. On Sept. 26, the British pound hit a record low against the U.S. dollar following the announcement of tax cuts and further debt increases to curb the impact of a possible economic recession. The volatility simply reflects investors' doubts about the government's capacity to withstand the growing costs of living across the region. The U.S. dollar has been the clear winner as investors seek shelter in the largest global economy, but the British pound's weakness could be a net positive for Bitcoin. The GBP, or British pound, is the world's oldest currency still in use and it has been in continuous use since its inception. Fiat currencies are a 52-year old experiment The British pound, as we currently know, started its journey in 1971 after its convertibility with Gold or theequivalent was effectively termi...

A BRICS common currency will be challenging to initiate and maintain, though efforts to dethrone the US dollar could have an impact on Bitcoin, says investment strategist Lyn Alden. Macroeconomist Lyn Alden has cast doubt on a proposal that would see five countries work together to develop a common BRICS currency — arguing it will likely struggle to get off the ground and fail to dethrone the United States dollar. In an interview with Cointelegraph just days before the BRICS annual summit in South Africa, Alden explained that it will be “very hard” for BRICS members — Brazil, Russia, India, China and South Africa — to form a gold-backed currency for widespread use. Russian President Vladimir Putin first announced that BRICS proposal to create an international reserve currency at the BRICS summit in 2022 to rival the U.S. dollar as the global reserve standard. This proposal was later confirmed to come in the form of a gold-backed currency. However, Alden argued the model is flawed. ...

Bitcoin and major altcoins look vulnerable to a deeper correction after the crackdown on Paxos soured sentiment across the crypto market. Bitcoin (BTC) and select altcoins are threatening to deepen their correction after reports emerged that the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that the dollar-pegged Binance USD (BUSD) stablecoin is an unregistered security. Separately, Paxos has been ordered by the New York Department of Financial Services (NYDFS) to halt the issuance of BUSD.  After the crackdown on Kraken last week and now Paxos, the regulator’s actions may increase nervousness among crypto investors. FOX Business journalist Eleanor Terrett tweeted on Feb. 12 that “more Wells notices going out in the coming 2-3 weeks, I’m told.” Daily cryptocurrency market performance. Source: Coin360 Volatility may remain high in the near term as market observers await the consumer price index data to be released on Feb. 14. Interestin...