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Ethena and USDe Explained: The Synthetic Dollar That Yields

Ethena's USDe holds no bank dollars yet trades at $1 and pays a yield. The delta-neutral hedging strategy behind it is real, but so are its risks.

By Hamza Ahmed

Article overview

Ethena's USDe holds no bank dollars yet trades at $1 and pays a yield. The delta-neutral hedging strategy behind it is real, but so are its risks.

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