BitMEX co-founder Arthur Hayes announced on social media platform X (formerly Twitter) that the USDe stablecoin, launched by the stablecoin protocol Ethena, will replace the current leading stablecoin USDT, with a market value of over $91 billion, to become the largest USD stablecoin. Hayes himself has also deposited ETH into Lido and minted 1.01 million USDe tokens.
Shortly after Hayes’ announcement, data monitoring platform Scopescan revealed that Hayes is depositing ETH into the liquidity staking protocol Lido and using stETH to mint USDe tokens on Ethena. As of now, Hayes has deposited 440 ETH (approximately $1.01 million) and received 1.01 million USDe tokens, but still holds 5,451 ETH (approximately $12.5 million) in his wallet.
What is USDe? According to Foresight News, Hayes previously mentioned in an article earlier this year that the current stablecoin system relies too heavily on banks and is not fully decentralized. He also mentioned a BTC-based stablecoin, believing that this would truly achieve decentralization for stablecoins. Leptokurtic, the founder of Ethena, revealed that it was inspired by Hayes’ stablecoin concept and created the stablecoin protocol.
USDe is a stablecoin that is created by fully collateralizing ETH and its derivatives on the blockchain, eliminating the reliance on the banking system. Currently, the circulation of USDe has exceeded 50 million tokens, and the Ethena mainnet is scheduled to launch in January 2024.
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Arthur Hayes
Ethena
USDe
Stablecoin
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