稳定币--更像是“代币化基金”？

Core Insights - The recent cryptocurrency sell-off has highlighted the instability of stablecoins, particularly USDe, which briefly lost its peg to the dollar during market turmoil [1][2] - USDe's underlying mechanism has come under scrutiny, with concerns about its ability to maintain stability in extreme market conditions [1][4] - The incident has raised calls for caution regarding stablecoins as regulatory pressures increase [1][5] Group 1: Market Dynamics - A significant sell-off led to the liquidation of $19 billion in leveraged positions, causing volatility in altcoins and a drop in USDe to $0.65 on Binance [2] - Binance acknowledged operational issues affecting multiple tokens, including USDe, and compensated affected users with approximately $283 million [2] Group 2: USDe's Mechanism - USDe operates more like a tokenized hedge fund, generating returns through staking Ethereum and hedging crypto derivatives, unlike Circle and Tether, which resemble tokenized money market funds [3][4] - USDe's market capitalization has grown to $14 billion, with a reported yield exceeding 20% last year and a 12% annual yield offered to users last month [3] Group 3: Stability Concerns - S&P Global Ratings has assessed USDe's ability to maintain its peg as "weak," citing its reliance on a functioning cryptocurrency exchange ecosystem [4] - The recent sell-off has raised valid concerns about potential systemic risks in the crypto industry, particularly regarding the perception of USDe as a simple 1:1 stable asset [5]