Guy Young, founder and CEO of Ethena, discusses USDe, an innovative stablecoin that challenges traditional models by combining Ethereum’s yield with a unique hedging strategy. Inspired by an Arthur Hayes’ article, Ethena’s USDe is backed in a specific way, with discussions on the necessity of ‘centralized liquidity’ and the company’s custody partners. The conversation also explores the risks of this new backing strategy, the decision to back the stablecoin with ETH instead of BTC, and the process for users to mint USDe, including the types of assets they can deposit.

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