3分钟速读：全球第三大稳定币短暂脱锚事件

Core Viewpoint - The article discusses the recent significant decoupling of USDe, the third-largest stablecoin, during a cryptocurrency liquidation event, raising concerns about its stability and the mechanisms behind it [1][5]. Group 1: USDe Overview - USDe is a synthetic dollar stablecoin launched by Ethena Labs, ranking third in market capitalization among stablecoins, with a market cap exceeding $12 billion [1]. - Unlike traditional stablecoins like USDT and USDC, USDe is not backed by fiat currencies or hard assets but is a combination of crypto assets and derivatives, designed to hedge against price risks [6]. Group 2: Market Events - On Saturday morning, USDe's price dropped to a low of $0.65 within half an hour, leading to a significant liquidation event in the cryptocurrency market, with nearly $19 billion in long positions liquidated and over 1.6 million accounts affected [4][7]. - The liquidation event was exacerbated by a collective downturn in the cryptocurrency market, causing a massive sell-off of USDe as leveraged users faced automatic liquidations [7][9]. Group 3: Mechanisms and Risks - The mechanism behind USDe allows users to mint it by collateralizing their crypto assets, while the project simultaneously establishes short positions in the derivatives market to hedge risks [6]. - A dangerous "USDe circular lending" strategy emerged, where speculators borrowed other stablecoins against USDe to mint more USDe, creating a cycle that became unsustainable during market stress [6][9]. Group 4: Response and Future Outlook - Following the incident, Ethena Labs asserted that USDe remained over-collateralized and that the minting and redemption mechanisms were functioning correctly [9]. - The affected exchange announced compensation for impacted users and implemented a minimum price threshold for USDe to enhance price stability [9].