Delta-Neutral Stablecoin

A stablecoin design where backing is hedged via derivatives so the portfolio's value doesn't move with the underlying asset price. Ethena's USDe is the canonical example: spot ETH/BTC + short perpetuals netting to zero delta. Yields come from receiving perpetual funding rates. Different risk profile than algorithmic stablecoins (real backing exists) but still has structural risks: funding-rate reversal, exchange counterparty risk, execution disruption during volatility.