Ethena Labs has reported the finalization of its first lending agreements with Coinbase Asset Management, Anchorage Digital, and Maple Institutional. This initiative with industry giants aims to diversify the assets backing its synthetic dollar, USDe, allowing the protocol’s reserves to facilitate over-collateralized loans to institutional counterparts using exclusively high-liquidity collateral such as Bitcoin (BTC) and Ethereum (ETH).
With this strategy, Ethena seeks to minimize its reliance on the “basis trade” in perpetual futures, which now represents only 11% of its reserves. By expanding into Real World Assets (RWA), including AAA-rated CLOs and commodity futures like gold, the protocol attempts to stabilize the USDe supply—currently hovering around $5.9 billion—following volatility experienced in previous markets.
Ethena is transforming into a multi-asset yield ecosystem that prioritizes immediate liquidity and institutional security. The next step for the protocol will be the implementation of a dynamic “unstaking” model to optimize real-time redemptions.
Source:https://goo.su/kqFwLRA
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