Experts express concerns over Ethena's Bitcoin-backing strategy for USDe due to potential risks. On April 4, Ethena Labs announced plans to integrate BTC as a backing asset for USDe to enhance product safety. Currently, USDe has attracted attention for its high annual yield and market capitalization exceeding $2 billion.

Community concerns arose regarding the inclusion of BTC, fearing "contagion risks" for Bitcoin holders. Questions were raised about Ethena's ability to maintain a delta-neutral strategy for BTC in different market conditions. While some defended Ethena's approach, worries remain about its resilience and safety, particularly in adverse market conditions.

Ethena's defenders highlighted its distinctiveness from Terra Luna and explained the platform's strategy as a cash-and-carry trade. Wintermute CEO emphasized the lack of liquidation risk and pointed out custody and execution as the main risks involved. Seraphim Czecker, Ethena’s head of growth, detailed the platform’s approach of using minted assets to acquire BTC and use it as collateral for perpetual futures trading to offset potential BTC declines.

Overall, while concerns persist within the crypto community, supporters of Ethena argue that FUD (fear, uncertainty, and doubt) surrounding the platform is driven by past experiences with other projects and that Ethena's risks are manageable.