Dust on Crust Part Deux

March 08, 2024

As the transition of winter into spring accelerates, I want to revisit my “Dust on Crust” essay published one year ago. Without a USD bank account, Tether cannot perform its functions of creating USDT, custody of USD backing USDT, and redemption of USDT. Bank A uses Bank C as a correspondent bank, but Bank B uses Bank D as a correspondent bank. As people come to believe that the USDe yield isn’t fugazi, USDe in circulation will grow. sUSDe Supply = USDe Supply:Ethena Protocol Annual Revenue = Total Yield * 20%Total Yield = USDe Supply * (ETH Staking Yield + ETH Perp Swap Funding)The ETH Staking Yield and ETH Perp Swap Funding are variable interest rates.

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