It feels like S&P Global Ratings isn't thinking straight; USDT is actually the most robust stablecoin in reality.

What truly worries me is USDe.

With a scale of tens of billions, continuously offering "principal protection + 6%", it even reached 7% a while back, and when it first launched on Binance, the subsidy was raised to 12%.

At the same time, it needs to reserve significant liquidity for users to redeem at any time.

This year, those engaged in neutral quant strategies are well aware — neutral strategies have gradually approached U.S. Treasuries.

In this environment, how can a protocol maintain "principal protection and interest" at a scale of tens of billions? Where does this subsidy actually come from?

The premise for this model to keep running is to never encounter stress tests.

If one day sentiment shifts, the explosion could be even more exaggerated than the LUNA incident.