After a series of panic events, you can check out Ethena's transparency disclosures. The volume of USDe has seen a significant drop over the past month, and many people are worried about potential losses on October 11. Based on the disclosed data, the underlying assets are sufficient. Currently, nearly 60% of Ethena's assets are unallocated, with most held in stablecoins and a portion invested in its own USDtb (backed by BlackRock's BUIDL). Of course, some problematic projects have emerged in the market, exposing the risks of such protocols. This is something all CeDeFi platforms face, but the market hadn't fully recognized it before. The semi-transparent mechanism means that if you want to use these products, you can only choose to trust strong brands and institutions—similar to deciding whether to keep your money in a top-tier exchange or a smaller one.