Ethena’s USDe Offers No Direct Issuer Redemption; sUSDe Unstaking Returns USDe

The distinction matters because it puts Ethena's exit mechanics in the same category as synthetic-dollar designs rather than cash-redeemable stablecoins: liquidity depends on secondary markets and the unstaking queue, not on an issuer backstop. That shifts the risk lens from issuer solvency to market depth and the behaviour of sUSDe holders during stress. Whether secondary-market pricing holds near par when unstaking demand spikes is the open question worth watching.