Ethena's USDe Stablecoin Faces $100 Million in Redemptions Amid Stress Test, Maintains 101% Reserve

Ethena's USDe stablecoin has experienced nearly $100 million in redemptions this week, marking a significant stress test for the synthetic dollar.

According to data from Parsec Finance, $96 million of USDe have been redeemed since Monday amid a broader crypto sell-off.

Despite the large volume of redemptions, Ethena has successfully processed over $50 million of redemptions overnight, maintaining its backing assets and reserve at over 101% of the USDe supply per attestation reports. The current supply of USDe stands at over 3.1 billion tokens.

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