Ethena founder says $30B flowed through USDe with zero losses

• —About $30 billion flowed through USDe issuance and redemption with no customer losses
• —USDe backing expanded from basis trading to lending, RWAs and short-term Treasuries
• —Roughly $1 billion of new inflows arrived in 3–4 weeks at 4.5–4.75% yields
• —Ethena is expanding white-label stablecoins and its Ethena Pay service