The attractive yield opportunity is causing widespread concern in the crypto community.
Update Feb. 20, 1:05 pm UTC: Quotes added from CEO of Kima.
Cryptocurrency investors took to X to express their concern about the staking yield of Ethena Labs’ newly launched stablecoin.
Ethena Labs launched its USDe stablecoin on the public mainnet on Feb. 19, according to an X post from the company’s official page. The USDe Ethereum-based synthetic dollar currently offers a 27.6% annual percentage yield (APY), according to Ethena Labs’ homepage. This is considerably higher than the 20% yield offered by Anchor Protocol on Terra’s UST before the algorithmic stablecoin issuer Terra collapsed in May 2022.
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Source: https://cointelegraph.com/news/ethena-usde-27-yield-concerns