Cynthia Cheng pycheng9

## table1.md

      
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Layer
Implementation


Legal Structure
SEC-registered funds (Rule 506(c) offerings)


Custody
Morgan Stanley, Coinbase Custody


Asset Backing
Direct holdings in BlackRock SHV ETF, U.S. Treasuries


On-Chain Layer
ERC-20 (Ethereum), SPL (Solana), Mantle, Aptos


## Revenue Sources.md

      
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Source
Mechanism
Contribution


Management Fees
0.15–0.50% annual on AUM
~60%


Yield Spread
Delta between Treasury yield & distributed yield
~25%


Partnership Deals
Integration incentives(e.g., Mantle liquidity mining)
~10%


Token Emissions
ONDO used to bootstrap liquidity
Cost, not revenue


## Token Allocation.md

      
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              October 15, 2025 02:46
            
          
Category
% Allocation
Unlock


Team & Early Contributors
30%
4-year linear


Private Sale Investors
24%
2-year vest, 6-month cliff


Ecosystem & Community
20%
DAO-controlled


Liquidity Mining
18%
5-year emissions


Public Sale
8%
Fully unlocked


## Market Positioning.md

      
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Protocol
TVL
Key Differentiator
Risk Profile


Ondo (USDY/OUSG)
~$600M
Institutional infra, U.S. compliance
Low-Medium


Franklin Templeton (BENJI)
~$500M
TradFi giant, brand trust
Low


Matrixdock (STBT)
~$400M
Asia-focused, faster redemptions
Medium


Mountain Protocol (USDM)
~$150M
Permissionless, Bermuda-regulated
Medium


OpenEden (TBILL)
~$80M
Singapore-based, EM access
Medium-High


## Four Layers.md

      
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              October 22, 2025 02:06
            
          
Layer
What It Controls
USDe Outcome
Who Owns Risk


Protocol
Smart contract logic, collateral
✅ Passed
Ethena


Execution
Exchange oracles, API stability
❌ Failed
Binance


Liquidity
Market depth under stress
❌ Failed
Market makers


Perception
Reflexive panic dynamics
❌ Failed
Market psychology


## Comparative Lens.md

      
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              October 22, 2025 02:25
            
          
Asset
Mechanism
Worst Depeg
Recovery
Failure Type


Terra (UST)
Algorithmic
$0.10
Never
Death spiral


USDC
Fiat-backed
$0.88 (SVB)
72 hours
Bank counterparty


USDe
Delta-neutral
$0.65 (Binance only)
8 hours
Infrastructure


FRAX
Hybrid
$0.95
2 hours
Stress-tested


## Applying the Framework.md

      
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              October 22, 2025 03:00
            
          
Stablecoin
Tier 1
Tier 2
Tier 3
Tier 4
Overall
Why


USDC
A
A
A+
A
A
Most operationally resilient


DAI
A-
A
A
A-
A-
Strong infrastructure, diversified


USDe
A
C
B-
B
B-
Design works, execution fragile


USDT
C
A
A+
A
B
Terrible transparency, survives on liquidity


## The four-tier framework.md

      
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              October 23, 2025 16:00
            
          
Tier
Focus
USDe Grade
Why


Protocol
Mechanism soundness, collateral
A
110% collateralized, processed $3B redemptions


Execution
Oracle design, exchange reliability
C
Worked on Curve/Bybit, failed on Binance


Liquidity
Market depth under stress
B-
Passed $3B test but Binance mismatch (0.09% ratio)


Credibility
Crisis response, trust dynamics
B
Fast PoR release, but $3B panic redemption


## Comparative insight.md

      
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              October 23, 2025 16:01
            
          
Stablecoin
Overall
Key Strength


USDC
A
Operational maturity (Circle controls execution)


DAI
A-
Diversified collateral + deep DEX liquidity


USDe
B-
Superior yield mechanics, fragile execution


USDT
B
Liquidity dominance trumps transparency issues


## Three Futures.md

      
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              October 25, 2025 15:58
            
          
    Three Futures


Scenario
Probability
USDe Supply
ENA Outcome
What Triggers It


Base
45%
$15B–$25B
$3B–$5B (sideways)
Time + competition. Protocol becomes infrastructure. Token stays boring (like Curve).


Bear
35%
Caps at $10B
$500M–$1B (–85%)
Fed cuts <3%, funding arbitrage dies. Or another multi-venue failure.


Bull
20%
$50B+
$10B–$15B (3–5x)
DeFi explodes, USDe becomes default collateral, Ethena enables fee sharing, rates stay high, no failures 18+ months.
Layer	Implementation
Legal Structure	SEC-registered funds (Rule 506(c) offerings)
Custody	Morgan Stanley, Coinbase Custody
Asset Backing	Direct holdings in BlackRock SHV ETF, U.S. Treasuries
On-Chain Layer	ERC-20 (Ethereum), SPL (Solana), Mantle, Aptos
Source	Mechanism	Contribution
Management Fees	0.15–0.50% annual on AUM	~60%
Yield Spread	Delta between Treasury yield & distributed yield	~25%
Partnership Deals	Integration incentives(e.g., Mantle liquidity mining)	~10%
Token Emissions	ONDO used to bootstrap liquidity	Cost, not revenue
Category	% Allocation	Unlock
Team & Early Contributors	30%	4-year linear
Private Sale Investors	24%	2-year vest, 6-month cliff
Ecosystem & Community	20%	DAO-controlled
Liquidity Mining	18%	5-year emissions
Public Sale	8%	Fully unlocked
Protocol	TVL	Key Differentiator	Risk Profile
Ondo (USDY/OUSG)	~$600M	Institutional infra, U.S. compliance	Low-Medium
Franklin Templeton (BENJI)	~$500M	TradFi giant, brand trust	Low
Matrixdock (STBT)	~$400M	Asia-focused, faster redemptions	Medium
Mountain Protocol (USDM)	~$150M	Permissionless, Bermuda-regulated	Medium
OpenEden (TBILL)	~$80M	Singapore-based, EM access	Medium-High
Layer	What It Controls	USDe Outcome	Who Owns Risk
Protocol	Smart contract logic, collateral	✅ Passed	Ethena
Execution	Exchange oracles, API stability	❌ Failed	Binance
Liquidity	Market depth under stress	❌ Failed	Market makers
Perception	Reflexive panic dynamics	❌ Failed	Market psychology
Asset	Mechanism	Worst Depeg	Recovery	Failure Type
Terra (UST)	Algorithmic	$0.10	Never	Death spiral
USDC	Fiat-backed	$0.88 (SVB)	72 hours	Bank counterparty
USDe	Delta-neutral	$0.65 (Binance only)	8 hours	Infrastructure
FRAX	Hybrid	$0.95	2 hours	Stress-tested
Stablecoin	Tier 1	Tier 2	Tier 3	Tier 4	Overall	Why
USDC	A	A	A+	A	A	Most operationally resilient
DAI	A-	A	A	A-	A-	Strong infrastructure, diversified
USDe	A	C	B-	B	B-	Design works, execution fragile
USDT	C	A	A+	A	B	Terrible transparency, survives on liquidity
Tier	Focus	USDe Grade	Why
Protocol	Mechanism soundness, collateral	A	110% collateralized, processed $3B redemptions
Execution	Oracle design, exchange reliability	C	Worked on Curve/Bybit, failed on Binance
Liquidity	Market depth under stress	B-	Passed $3B test but Binance mismatch (0.09% ratio)
Credibility	Crisis response, trust dynamics	B	Fast PoR release, but $3B panic redemption
Stablecoin	Overall	Key Strength
USDC	A	Operational maturity (Circle controls execution)
DAI	A-	Diversified collateral + deep DEX liquidity
USDe	B-	Superior yield mechanics, fragile execution
USDT	B	Liquidity dominance trumps transparency issues
Scenario	Probability	USDe Supply	ENA Outcome	What Triggers It
Base	45%	$15B–$25B	$3B–$5B (sideways)	Time + competition. Protocol becomes infrastructure. Token stays boring (like Curve).
Bear	35%	Caps at $10B	$500M–$1B (–85%)	Fed cuts <3%, funding arbitrage dies. Or another multi-venue failure.
Bull	20%	$50B+	$10B–$15B (3–5x)	DeFi explodes, USDe becomes default collateral, Ethena enables fee sharing, rates stay high, no failures 18+ months.