Summary This proposal outlines a suggested mechanic whereby: Ethena currently has $5bn of stablecoins in the backing of USDe, most of which are readily available and liquid to meet redemption requirements at any given time. USDe may be purchased with USDT (or other stablecoins) held in the backing of USDe (as a substitute for normal redemption flows) in order to support orderly secondary market liquidity and operations during abnormal market dislocations. The effective impact would be i...