On October 11, Conflux Forgiven expressed its views on Ethena Labs 'USDe, saying that USDe is essentially a financial certificate rather than a stablecoin. Some users also pointed out that USDe is a Hedge Fund Product, except that NAV has a built-in rebase mechanism that can always anchor 1 dollar. "USDe is a stablecoin" is the biggest misplacement in the positioning of the marketing narrative. Of course, it is deliberately done because we can strive for more use scenarios, such as payments, such as making dollar transactions, such as making margin deposits. But the reality is that USDe is a radical financial product innovation. Vida, founder of Formula Today, said that the source of this ultra-large-scale sell-out may be "USDe arbitrageurs 'revolving loan positions have been forced out", which has led to a decline in USDe's mortgage ability as collateral for unified accounts and triggered more market-makers who use USDe as margin. The position of the market maker was forced out. Since then, Ethena issued a reserve certificate in response to market doubts, saying that USDe still has approximately US$66 million in over-collateralization.