Origin Protocol said that the sUSDe ARM is now open for external depositors, bringing Ethena’s yield-bearing stablecoin into the ARM Vault framework. The launch makes sUSDe the first yield-bearing stablecoin deployment for a mechanism Origin says has processed over $3 billion across stETH and eETH.
The vault is designed to route sUSDe/USDe arbitrage value back to liquidity providers rather than outside arbitrageurs. When sUSDe trades below its USDe backing, the ARM can buy discounted sUSDe, use Ethena’s unstaking process and receive USDe at settlement; when no arbitrage is available, idle USDe routes to Aave V3, making yield generation tied to market structure.
Origin said depositors earn from arbitrage while holding a stablecoin-denominated position, with a current trailing 30-day APY of 4.6%. The next test is whether public liquidity grows while the ARM keeps narrowing discounts, because adoption depends on reliable spread capture and redemption flow.
Source: Origin Protocol.
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