Капитализация стейблкоина USDe рухнула на 50% из-за падения доходности

cryptonews.ruPubblicato 2025-05-25Pubblicato ultima volta 2025-11-26

Рыночная стоимость синтетической «стабильной монеты» USDe от проекта Ethena обвалилась на 50% за месяц — с $14,8 млрд в октябре до текущих $7,2 млрд.

Источник: DefiLlama.

При этом реальное использование монеты продолжает расти — объем ончейн-транзакций достиг $50 млрд за последний месяц. USDe все еще входит в топ-3 крупнейших стейблкоинов.

Падение капитализации монеты произошло на фоне снижения доходности до 5,1% годовых против двузначных показателей в начале года.

По словам аналитиков из The Block, основная причина — закрытие стратегий с левериджем в DeFi-протоколах вроде Aave. Их механика включала:

многократное внесение USDe для стейкинга — sUSDe — в качестве залога;
заимствование USDC при максимальных коэффициентах LTV;
конвертацию средств обратно в sUSDe для повторения цикла;
достижение плеча 10x и более.

Стратегия оставалась прибыльной, пока доходность USDe превышала стоимость заимствования USDC. Однако при ее снижении ниже 5,4% (текущая ставка займа стейблкоина Circle на Aave) произошел массовый выход из позиций.

Ситуацию усугубляют и системные риски DeFi: несколько протоколов столкнулись с вопросами к устойчивости фарминг-пулов со стабильными монетами, в результате чего такие программы начали закрывать.

Динамика наглядно продемонстрировала уязвимость доходных стейблкоинов к быстрому оттоку капитала — те же механизмы, что обеспечивали рост TVL на восходящем тренде, ускоряют отток средств на этапе коррекции.

Дельта-нейтральность синтетического доллара: чем интересен стейблкоин USDe

Даунтренд

TVL протоколов кредитования значительно снизился — с исторического максимума на $90 млрд в октябре до $63 млрд на момент написания.

Источник: DefiLlama.

Почти половина сегмента приходится на Aave — $31,7 млрд. На начало прошлого месяца показатель составлял $44,5 млрд. Общий объем займов на платформе оценивается в $20 млрд при средней годовой доходности около 1,1% годовых.

В тройку лидеров по общей заблокированной стоимости также входят Morpho ($5,9 млрд) и SparkLend ($4 млрд).

Источник: DefiLlama.

Совокупный объем выданных займов на этих платформах составляет $8,9 млрд и $5,7 млрд соответственно.

Напомним, кредитование под залог криптовалют достигло $73,6 млрд в конце третьего квартала, превысив предыдущий рекорд от 2021 года.

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