Ethena is expanding USDe backing from T-Bills to AAA CLOs to diversify revenue sources; first partnerships launching next week.
DeFi & Yields ·
Ethena is broadening the backing for its USDe stablecoin beyond tokenized Treasury Bills by adding AAA-rated collateralized loan obligations (CLOs) as a new real-world asset category. According to the protocol, AAA CLOs sit at the top of the capital stack and have maintained a zero default rate throughout the asset class's history. The shift aims to diversify Ethena's revenue streams across different market cycles rather than relying solely on T-Bill yields.
The first partnerships and allocations involving asset managers and issuers in the CLO space will be announced next week. This expansion represents the next phase of a previously outlined strategy to diversify USDe's backing mechanisms and explore additional real-world asset categories beyond government debt instruments.
The concrete details of these initial partnerships—including allocation sizes, specific asset managers involved, and yield expectations—remain to be disclosed when the announcements go live.