USDe is turning into a collateralized stablecoin, with the delta-neutral proportion becoming very small. What’s gradually increasing are stablecoin reserves, treasury bonds, and over-collateralized institutional lending—it’s starting to look a lot like Sky. In the bear market, basis trading yields have shrunk rapidly. To ensure returns, diversifying collateral is an inevitable choice, which could very likely lead to a rebound in USDe’s scale. The path of decentralized stablecoins is ultimately heading toward becoming DAI/USDS. In the near future, the stablecoin business will become highly homogenized, and the era of competing on channels and resources is coming.