According to @ag_dwf, the 10/10 sell-off tied to Trump tariffs smashed USDe liquidity and triggered cascading liquidations, underscoring crypto’s high volatility and the need for disciplined risk controls (source: @ag_dwf). @ag_dwf outlines a trading risk framework: avoid excessive leverage and exotic collateral; maintain a delta-neutral portfolio with strict balance and margin controls; implement comprehensive API surveillance including ADL event monitoring; deploy automated PnL monitoring that can react in milliseconds; build resilient high frequency trading infrastructure that functions during exchange feed delays, congestion, or unstable APIs; and run adaptive models that trade across regimes (source: @ag_dwf). He adds that his team has traded on Binance since 2019 and is continuing to scale, advising against overreacting to coordinated attacks while focusing on robust execution and monitoring (source: @ag_dwf). He also cites ARK Invest CEO Cathie Wood’s Fox Business interview attributing a $28B deleveraging to a Binance software issue and suggesting selling pressure has largely cleared, providing context for positioning after the drawdown (source: Fox Business via @ag_dwf).

According to @OnchainLens, a loop-borrowing whale purchased 985.5 XAUT using 4.98M USDe in the past 24 hours (source: @OnchainLens). According to @OnchainLens, the wallet now holds 11,029.5 XAUT valued at 55.98M with an unrealized profit of 5.86M (source: @OnchainLens). According to @OnchainLens, the activity and balances are tied to address 0x85220e6aa75238ba9c80353c6330ebee5142230e and were identified using Nansen data (source: @OnchainLens).

According to @OnchainLens, a loop-borrowing whale bought 604.65 XAUT using 3 million USDe in the last 24 hours as GOLD moved above 5,000, based on Nansen on chain data. @OnchainLens reports the address 0x85220e6aa75238ba9c80353c6330ebee5142230e now holds 10,044 XAUT valued at 50.2 million with a floating profit of 5.07 million, per Nansen data. @OnchainLens also noted that over the past 25 days the same address accumulated 9,439 XAUT for 42.13 million USDe at an average price of 4,463, with a previously reported floating profit of 3.45 million, citing Nansen.

According to Lookonchain, a whale-controlled address 0x8522 accumulated 8,337 XAUt worth about $38.4 million over the past 20 days while borrowing 18.3 million USDe on Aave via a looped borrowing strategy (source: Lookonchain). Lookonchain reports that the buying activity and USDe borrowing are tied to the same address, indicating leveraged exposure to tokenized gold through XAUt financed by debt on Aave (source: Lookonchain). Lookonchain cites the address portfolio page on Debank for on-chain verification of the transactions (source: Lookonchain).

According to @AveryChing, in 2025 USDT, USDC, USDe, USD1, PYUSD, and USDG launched on Aptos, positioning the network as one of the top growing stablecoin markets, source: @AveryChing (X, Dec 22, 2025). According to @AveryChing, stablecoin issuers are choosing Aptos because it offers the fastest and cheapest way to transfer money, a key driver for trading and settlement efficiency, source: @AveryChing (X, Dec 22, 2025). According to @AveryChing, Aptos’ robust stablecoin base and real-time tech stack enable developers to build world-scale decentralized trading and payment products, citing examples like DecibelTrade and shelbyserves, source: @AveryChing (X, Dec 22, 2025).

According to @CoinMarketCap, stablecoins are among the few crypto businesses with proven product–market fit, underscoring their trading utility in 2025 (source: @CoinMarketCap, Dec 10, 2025). According to @CoinMarketCap, while USDT and USDC remain market leaders, a new cohort of stablecoins surged in 2025, catalyzed by Circle's IPO and the GENIUS Act, which reframed competitive dynamics and flows (source: @CoinMarketCap, Dec 10, 2025). According to @CoinMarketCap, the market has bifurcated into two rails: crypto-native yield products such as Ethena USDe, Falcon Finance USDf, and Sky USDS offering returns above T-Bill rates via CeDeFi and DeFi strategies, versus institutional stablecoins like PayPal PYUSD, World Liberty Financial USD1, and Ripple RLUSD emphasizing full compliance (source: @CoinMarketCap, Dec 10, 2025). According to @CoinMarketCap, the 2025 race centers on yields versus compliance, defining how traders assess risk, return, and adoption across these stablecoin segments (source: @CoinMarketCap, Dec 10, 2025).

According to @glassnode, RLUSD supply surpassed $1 billion for the first time, confirming steady growth through 2025, source: glassnode. @glassnode also reports that USDe supply declined about 39% over the past month as on-chain yields compressed and incentive-driven demand cooled, source: glassnode.

According to @PANewsCN, Berachain validators proactively halted the network to allow the core team to execute an emergency hard fork addressing a Balancer V2-related exploit on BEX, with plans to resume after affected funds are recovered, source: @PANewsCN on X. Smokey the Bera said the pause aims to contain impact on the USDe tri-pool on BEX and that the team requested Ethena to disable bridge outflows from Bera, source: Smokey the Bera on X via @PANewsCN. He added that lending markets have disabled or paused USDe deposits, HONEY minting and redeeming are paused, and centralized exchanges were contacted to blacklist related addresses to aid recovery, source: Smokey the Bera on X via @PANewsCN. The core team will distribute binaries to validators and service providers for the fork, noting the affected pool contains non-native assets and will require slot restructuring beyond simple balance edits, source: Smokey the Bera on X via @PANewsCN.

According to @ai_9684xtpa, a macro headline triggered roughly USD 20B in forced liquidations and about 1.6M trader liquidations, marking one of the most violent flash crashes in crypto while the Nasdaq dropped 3.5% the same day, the largest daily fall since April, yet crypto’s drawdowns were sharper (source: @ai_9684xtpa). According to @ai_9684xtpa, the drawdown was amplified by three structural drivers: liquidity scarcity versus equities (crypto market cap about USD 3.83T vs USD 67T for US stocks) causing market makers to prioritize BTC and ETH liquidity and pull support from small-cap altcoins, leading to many declines near 90% (source: @ai_9684xtpa). According to @ai_9684xtpa, high leverage across perps, borrowing, and arbitrage created a cascading deleveraging, exemplified by USDE, BNSOL, and WBETH holding near fair value at the initial bottom but collapsing later as chained liquidations spread (source: @ai_9684xtpa). According to @ai_9684xtpa, the largely unregulated structure removes continuous-quote obligations for market makers, limits recourse against manipulation, and lacks mature risk mechanisms, further worsening crash dynamics (source: @ai_9684xtpa). Trading takeaways include favoring BTC/ETH over long-tail alts during stress, reducing leverage in altcoin perps, and closely monitoring collateral tokens like USDE, BNSOL, and WBETH for depeg and collateral haircut risk as market makers retreat and liquidity thins (source: @ai_9684xtpa).

According to @AggrNews, Binance stated on its official blog that it covered $283 million in user losses stemming from de-pegging events involving BNSOL, WBETH, and USDE; source: @AggrNews; source: Binance Blog. For traders on Binance, the exchange said the coverage applies to those impacted assets, indicating platform-level compensation for incident-related losses in the BNSOL, WBETH, and USDE markets; source: Binance Blog. The disclosed $283 million figure quantifies the incident’s scale and confirms a material intervention by the exchange that directly affects outcomes for affected positions; source: Binance Blog.

According to @business, Ethena’s yield-bearing stablecoin USDe briefly lost its dollar peg during a broader crypto market selloff that triggered record liquidations. Source: Bloomberg (@business), Oct 11, 2025. Bloomberg also described the asset as the third-largest stablecoin at the time of the depeg, underscoring systemic liquidity risk during the rout. Source: Bloomberg (@business), Oct 11, 2025.

According to @AveryChing, Aptos achieves sub-100 ms block times and moves USDT, USDC, and USDe for less than one-hundredth of a cent with instant settlement (source: @AveryChing on X, Sep 21, 2025). He further stated that Aptos is more scalable than all payment networks combined, positioning the network for high-throughput payments and trading settlement (source: @AveryChing on X, Sep 21, 2025). For traders, these stated metrics indicate near-zero fee stablecoin transfers and sub-second confirmations on Aptos (APT), relevant to on-chain market making, arbitrage routing, and payment rails on the network (source: @AveryChing on X, Sep 21, 2025).

According to @AggrNews, Ethena Foundation has proposed a fee switch after meeting previously set requirements, as noted in a governance proposal update dated Sep 15, 2025, source: @AggrNews on X, Sep 15, 2025. The source does not provide parameters, distribution details, or an activation timeline, indicating no confirmed immediate implementation in the post, source: @AggrNews on X, Sep 15, 2025.

According to @OnchainLens, a whale withdrew 2,329 ETH valued at USD 10.01M from Binance, source: @OnchainLens on X. The same address holds 5,552 ETH, 3.11M USDT, and 2,815,339 USDe in a Uniswap V4 liquidity pool, source: @OnchainLens on X. It also has 32M USDe with Pendle V2, source: @OnchainLens on X. Wallet address: 0x1fc75ad0511DDC3A23B9583BA1C285b8292FAEd5, source: @OnchainLens on X.

According to @secondswap_io, USDe’s market cap has reached $12B and is described as the fastest digital dollar to achieve that scale, indicating rapid adoption velocity for Ethena Labs’ stablecoin product; source: @secondswap_io. Cumulative interest revenue tied to the product is reported at over $500M, highlighting sizable yield flows within the ecosystem; source: @secondswap_io. Rewards distributed in the last 30 days exceed $30M, signaling sustained incentive emissions relevant for yield strategies; source: @secondswap_io. TVL connected to USDe on Pendle is reported at over $7B with 70% dominance, underscoring market share concentration and liquidity depth on that venue; source: @secondswap_io. These data points are directly relevant for traders tracking USDe liquidity, Pendle yield opportunities, and reward-driven flows across DeFi; source: @secondswap_io.

According to Cas Abbé, Ethena Labs’ USDe reached 10 billion in circulating supply in roughly 500 days, which he describes as the fastest stablecoin to hit that milestone, source: Cas Abbé on X, Aug 10, 2025. He attributes the acceleration to approval of the GENIUS Act, which he says prohibits issuers from paying yields on stablecoins, source: Cas Abbé on X, Aug 10, 2025. For traders, expansion of USDe typically requires larger delta-hedged short exposure on BTC and ETH perpetual futures to back the asset, which can dampen funding rates and impact basis trades, source: Ethena Labs documentation. Monitor USDe circulating supply, sUSDe yield, and BTC and ETH funding-rate trends as leading indicators for liquidity flows and carry opportunities, source: Ethena Labs dashboard and major exchange funding data.

According to @MilkRoadDaily, ENA rose 13% today, fueled by robust on-chain fundamentals. The supply of USDe has increased by $3.1 billion within just two weeks, signaling significant demand growth. Additionally, Ethena’s total value locked (TVL) has reached an all-time high, reinforcing market confidence. These metrics indicate strong momentum for ENA, suggesting continued trading interest based on real asset growth and positive market sentiment (source: @MilkRoadDaily).

According to @CoinbaseIntExch, Ethena Labs has been named a day one launch partner for the platform. This partnership implies that Ethena's products, such as its ENA token, will be integrated and potentially available for trading from the start of a new service on Coinbase International Exchange. For traders, this early integration on a major exchange could significantly enhance ENA's liquidity, visibility, and market access, potentially creating notable trading opportunities upon launch.

According to Miles Deutscher, USDe's circulating supply increase is directly scaling the protocol's revenue. The launch of USDe's own blockchain in collaboration with Securitize is a strategic move to support its expansion. These developments are crucial for traders focusing on the stablecoin market as they could impact USDe's trading volume and market cap.

According to @milesdeutscher, Ethena's stablecoin, USDe, holds 2.3% of the total stablecoin market. The revenue model involves a unique strategy of backing USDe with delta-hedged positions on staked Ethereum (such as stETH) and short perpetual futures, providing stability and potential profit avenues for traders.