BitMEX co-founder Arthur Hayes has stated that the USD stablecoin USDe, launched by the stablecoin protocol Ethena, will replace the current leading stablecoin USDT, with a market value of over $91 billion, becoming the largest USD stablecoin. Hayes himself has also deposited ETH into Lido and minted 1.01 million USDe.
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Arthur Hayes, co-founder of the well-established cryptocurrency derivatives exchange BitMEX, recently announced on social media platform X (formerly Twitter) that the USD stablecoin USDe, launched by the stablecoin protocol Ethena, will replace the current leading USD stablecoin USDT, with a market value of over $91 billion, to become the largest USD stablecoin.
At the same time, Hayes stated that although this will take some time, he will do his best to fulfill his advisory duties and personally mint some USDe.
Arthur Hayes has already minted 1.01 million USDe.
Shortly after Hayes made this announcement, blockchain data monitoring platform Scopescan revealed that Hayes is depositing ETH into the liquidity staking protocol Lido and using stETH to mint USDe in Ethena. As of now, Hayes has deposited 440 ETH (approximately $1.01 million), receiving 1.01 million USDe, but he still holds 5,451 ETH (approximately $12.5 million) in his account.
What is USDe?
According to Foresight News, in an earlier article this year, Arthur Hayes stated that the current stablecoin system relies too heavily on banks and is not completely decentralized. The article also mentioned a BTC-based stablecoin, believing that this would truly achieve decentralization for stablecoins. Leptokurtic, the founder of Ethena, has also revealed that it was under the inspiration of Hayes’ stablecoin concept that the stablecoin protocol was created.
It is understood that USDe is a stablecoin that is minted by fully collateralizing ETH and its derivatives on-chain, without relying on the banking system. Currently, over 50 million USDe has been issued, and the Ethena mainnet is set to launch in January 2024.
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Arthur Hayes
Ethena
USDe
Stablecoin
USD Stablecoin