Viewpoint: USDe is a financial management certificate rather than a stablecoin, and the misalignment in the marketing narrative aims to secure usage scenarios.

On October 11, Conflux co-founder Forgiven expressed views on USDe under Ethena Labs, stating that USDe is essentially a financial certificate rather than a stablecoin. Some users also pointed out that USDe is a Hedge Fund Product, but it comes with a rebase mechanism that can anchor its NAV to 1 USD indefinitely. "USDe is a stablecoin" is the biggest misalignment in marketing narrative positioning, and it is certainly intentional, as it can attract more use cases, such as payments, USD trading pairs, and Margin. However, the reality is that USDe is a radical financial product innovation. Vida, founder of Equation News, stated that the source of this massive liquidation may be due to "USDe arbitrageurs' leveraged positions being liquidated," resulting in a decline in USDe's collateral capacity as a unified account collateral, triggering further liquidations of positions held by market makers using USDe as Margin. Subsequently, Ethena released a reserve proof in response to market doubts, indicating that USDe still has about 66 million USD in over-collateralization.