Since Monday, the redemption volume of Ethena's USDe stablecoin has approached $100 million, suggesting an increase in the demand for liquidity among users against the backdrop of volatile market conditions, which has triggered redemptions of the stablecoin. This behavior puts short-term pressure on the protocol, reflecting market participants' response to uncertainty. Despite the challenge posed by redemption activities, USDe still demonstrates its ability to maintain a peg to the US dollar, showing relatively stable exchange rate performance. Notably, The Block's Ethena price page shows that the price of USDe dipped to 0.997 dollars after a period of fluctuation, before rebounding to the critical level of 1 dollar. Currently, the supply of USDe exceeds 3.1 billion tokens, up 50% from the 2 billion tokens supply in April, reflecting growing market demand and confidence in Ethena's stablecoin.