Stablecoins are the water crypto swims in. Over $300 billion of them circulate today, anchoring every trade, farm, and payout in the market. But "stable" hides five completely different machines under one label. Picking the wrong one for the job...
usde
USDe Review 2026: The Synthetic Dollar Running a Hedge Fund Trade
USDe is the strangest dollar in this series, and we mean that as a compliment. No bank deposits, no Treasury bills, no crypto vaults. Ethena's "synthetic dollar" holds its peg by running a delta-neutral basis trade at billion-dollar scale. As...
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