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Ethena plans to use up to 1.2% of backing assets to buy discounted USDe below $0.99 via off-exchange settlements

Ethena Labs has proposed a new emergency-stabilization mechanism for its synthetic stablecoin, USDe, following the events of the October 10-11 market dislocation that saw the token price fall as low as $0.6567 on Binance despite the protocol remaining solvent and redemption flows continuing uninterrupted. The measure is designed to prevent similar depegging events from occurring [...]

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