Deribit just launched USDe trading and includes it as one of the collateral assets. At this point, USDe is accepted as collateral in 3 of the top 5 crypto derivatives exchange and honestly has a good shot in challenging Tether's dominance as the USD collateral of choice The biggest unlock has happened as well and price have reacted well. Price have fully retraced post Trump win rally despite 2x of Ethena TVL since Nov. Stablecoin have the clearest PMF in crypto and Ethena remain one of the best product to tackle this market.