Can USDe lose its peg like UST did?

The mechanism of USDe is completely different from Terra's UST. UST relied on an algorithmic mint/burn mechanism with the LUNA token and collapsed in May 2022 due to a death spiral when LUNA lost value. USDe relies on a cash-and-carry trade with real assets (spot Ethereum + short futures). Under normal conditions, USDe is unlikely to experience a severe depeg. However, in extreme scenarios such as all major centralized exchanges freezing simultaneously, or a hack of the Ethena protocol, USDe could drop 5-10% from $1.

Is the 25% yield sustainable long-term?

No. The 25% yield only occurs during very strong bull markets when funding rates are extremely high. Under normal market conditions, USDe's yield ranges from 8-15% per year. During bear markets, the yield can drop to 3-5% or lower. You should not base your financial plans on a 25% yield assumption — assume an average of 10-12% and consider anything higher as a bonus.

Can I withdraw sUSDe back to USDe at any time?

Yes, you can convert sUSDe back into USDe at any time, but there is a 7-day lock-up period when redeeming through Ethena's official channel. If you need immediate liquidity, you can swap sUSDe for USDe on Curve or Uniswap with a small slippage (0.1-0.5% under normal conditions, potentially higher during market stress).

Is it legal for Vietnamese citizens to participate in Ethena?

As of May 2026, there are no regulations prohibiting Vietnamese citizens from participating in DeFi protocols like Ethena. However, this is an unclear regulatory area and could change after 2027 when Vietnam implements its official management framework. We recommend keeping records of all transactions for future tax reporting purposes.

Is Ethena better than Vietnamese bank savings deposits?

This is an unequal comparison because the two products have completely different risk levels. Bank deposits are insured and have near-zero risk for amounts under 125 million VND — but offer only 5-7% per year. Ethena offers 2-4 times higher yields, but comes with the risk of partial or total loss of capital if the system encounters problems. You should not completely replace your bank savings with Ethena, but rather view it as a way to diversify with a small portion of capital you can afford to risk.

Quay lại danh sách

Phân TíchTrung cấp#Ethena#ENA#USDe

Ethena (ENA, USDe) in 2026: The Synthetic Dollar with 25% APY — Real Opportunity or Trap?

Cập nhật: 8 tháng 5, 2026

When you hear that a stablecoin (a digital currency pegged to the US dollar) is paying 8% to 25% APY, your first instinct is usually skepticism. After all, Bitcoin and Ethereum promise wealth but don't promise fixed yields, while traditional banks only offer 5-7% per year on savings deposits. So how does Ethena USDe operate to deliver such high returns? This article will help you understand the delta-neutral mechanism behind USDe, why the 25% yield is not a scam but also not risk-free, and most importantly — how much of your capital you should allocate to Ethena if you are a cautious Vietnamese investor.

Tâm — CMO MaHoa AI Team2026-05-07T03:33:02.689Z11 phút đọc1,076 lượt xem