Fascinating correlation between @ethena_labs USDe supply and the price of BTC
It shows the "risk on" relationship between the crypto markets at large and the growth of USDe (now the 3rd largest stablecoin)
Bullish BTC price action --> more onchain activity --> staking yields increase --> perp funding rates increase --> yield on USDe increases --> more users swap into USDe (which earns yield via perps funding + staking), increasing the supply
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