[After the Significant Shrinkage of Stablecoin USDe, Is Ethena Turning to U.S. Stocks and Gold?] Ethena's USDe stablecoin is shifting from relying on cryptocurrencies to a diversified income strategy by integrating assets like stocks and commodities to reduce risk. This article will deeply analyze the evolution of its reserve strategy, potential liquidity challenges, and how it maintains stability and high returns amid market volatility.