// Enabling Internet Money_
Joined March 2023
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Ethena is partnering with @Securitize as a strategic tokenization partner, with the integration of STAC, the Securitize Tokenized AAA CLO Fund, into USDe's backing.
This expands USDe's institutional-grade RWA exposure beyond existing Blackrock BUIDL collateral.
The integration was approved by the Ethena Risk Committee following independent due diligence, evaluated against the same four criteria: liquidity, credit quality, drawdown profile, and pricing transparency.
Jun 12
Today we’re expanding the Securitize Tokenized AAA CLO Fund (STAC) to @solana.
We’re also excited to share that @ethena plans to allocate $250 million to the fund, representing one of the largest commitments to tokenized structured credit on Solana to date.
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Ethena retweeted
Jun 11
JUST IN: More ways to earn.
Now you can choose how you earn when you lend.
→ Prime: backed by blue chips like BTC and ETH.
→ High Yield: higher potential, backed by a broader mix of assets, including those powered by @ethena.
More choice, more opportunity.
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The first product in the Ethena ✦ Coinbase collaboration is now live.
The @SteakhouseFi High Yield Vault has officially launched on @Coinbase, powered by USDe on @Morpho.
Coinbase's user base now has access to a best in class savings rate through the vault, live in the Coinbase App for users in the U.S. and abroad.
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Ethena retweeted
Jun 10
$200M worth of $JAAA now issued on @solana
AAA CLOs bring higher yield and low duration risk into USDe backing.
Deeper collateral diversification for @ethena's synthetic dollar. Continued chain expansion for institutional credit.
Jun 9
Ethena has selected Centrifuge as a strategic tokenization partner.
Following an in-depth RWA RFP, @Ethena chose Centrifuge to support the next phase of USDe's backing diversification.
The partnership launches with an allocation to Centrifuge’s JAAA fund, managed by @JHIAdvisors, bringing institutional credit into Ethena’s expanding real-world asset collateral strategy.
A major step for Ethena. A major step for RWAs.
Powered by Centrifuge.
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Ethena is partnering with @Centrifuge as a strategic tokenization partner, with the integration of JAAA, Janus Henderson's AAA CLO strategy, into USDe's backing.
This is the first non-T-Bill RWA collateral in USDe's backing, approved by the Ethena Risk Committee following independent due diligence.
Every RWA is evaluated against four strict criteria: liquidity, credit quality, drawdown profile, and pricing transparency.
AAA RWA returns are driven by factors independent of crypto markets. Diversifying USDe's backing into these assets strengthens its resilience across market cycles.
Jun 9
Ethena has selected Centrifuge as a strategic tokenization partner.
Following an in-depth RWA RFP, @Ethena chose Centrifuge to support the next phase of USDe's backing diversification.
The partnership launches with an allocation to Centrifuge’s JAAA fund, managed by @JHIAdvisors, bringing institutional credit into Ethena’s expanding real-world asset collateral strategy.
A major step for Ethena. A major step for RWAs.
Powered by Centrifuge.
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Ethena has partnered with Janus Henderson, a $480 billion asset manager, to allocate and support the distribution of their liquid high-quality CLO tokenized funds.
As part of the partnership Janus Henderson has made a strategic investment into Ethena's governance token, will allocate into USDe as part of their treasury cash management, and is also exploring avenues to distribute USDe to their client base via exchange traded instruments.
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USDe backing assets dashboard will reflect the allocation which you can track below:
app.ethena.fi/dashboards/bac…
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USDe is now available on @MercadoBitcoin, Brazil's largest exchange 🇧🇷
Brazil and the broader LATAM market represent one of the most significant pools of USD-denominated asset demand outside the US.
Mercado Bitcoin provides the distribution to deliver USDe directly to that demand at scale.
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Following the recent post outlining the backing diversification of USDe, we have published the next phase of that work: broadening RWA exposure beyond tokenized T-Bills.
The first asset category under evaluation is AAA CLOs, which sit at the top of the capital stack, with a zero default rate at the AAA level across the entire history of the asset class.
The allocation helps diversify the sources of revenue for Ethena across market cycles.
Our first partnerships and allocations with asset managers and issuers in this category will be released next week.
Details in the link below:
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Ethena has expanded its partnership with @Anchorage, a federally regulated crypto bank in the US, to advance its institutional investment lending through Atlas Collateral Management.
As part of this expansion, Anchorage will serve as collateral manager for Ethena's loan assets, with borrower collateral held in regulated custody at Anchorage.
The expansion builds on Anchorage's existing role as issuer for our whitelabel stablecoin products.
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Ethena retweeted
Jun 2
We're partnering with @ethena to support their security and operations across more than $5 billion in assets.
Coinbase is now their primary custodian, wallet provider and perpetuals venue.
With USDe coming to @base and our wider ecosystem.
Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m userbase, with the first growth initiative launching next week.
Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market.
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Ethena retweeted
Jun 2
Excited to partner with Coinbase for the first time to support their dollar savings products. The upcoming integration next week will be the first time Ethena products are available for their 100m user base.
Given the evolving nature of the Clarity Act, we expect further potential tailwinds for onchain native products like USDe from idle balances on exchanges, and Ethena is well positioned to support this transition.
Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m userbase, with the first growth initiative launching next week.
Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market.
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Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m userbase, with the first growth initiative launching next week.
Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market.
Coinbase Ventures is proud to back @Ethena through an open market purchase of ENA.
Ethena is a critical player in onchain finance, and we are excited for the closer partnership with Coinbase and USDC.
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Here's what happened @ethena in May:
• Crossed $500m in total Whitelabel supply across @JupiterExchange, @megaeth, and @SuiNetwork.
• Launched dedicated Ethena markets on @JupiterExchange and @KaminoFinance. Combined market size crossed $1b within days of launch.
• ENA went live on @Solana via @SunriseDeFi.
• Ethena's TVL on @Solana crossed $500m, up from $50m a month ago, making it Ethena's second-largest chain outside of Ethereum.
• USDe supply grew over 15% in the last 30 days.
• USDtb supply is back above $1 billion, up over 70% in the last 30 days.
• Surpassed $33b in cross-chain transfer volume across all Ethena assets via @LayerZero_Core.
• PT-srUSDe by @Stata_Markets hit $45m supplied on @aave.
• @hyenatrade crossed $2m in all-time USDe rewards to traders.
• @ManifestFinance chose Ethena to back USH, its real estate-backed token.
• @etherealdex expanded user testing for Ethereal Predict, a USDe-native prediction market that lets users combine outcomes into multi-leg positions.
• Published an analysis of the basis trade on gold perpetuals, following the recent post on USDe backing diversification.
• Updated the transparency page with a more detailed breakdown of USDe's backing reserves.
• Published a security post on the recent rsETH incident, covering what happened, the response, and the design decisions that protect USDe.
• Deprecated USDe and sUSDe bridging for several chains focusing security and operational resources where USDe activity is most meaningful.
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Manifest has chosen Ethena to back USH, its real estate-backed token.
@ManifestFinance joins Ethena's Whitelabel partners @JupiterExchange, @megaeth, @SuiNetwork and others in choosing Ethena's battle-tested assets as the foundation for their own products.
May 27
Manifest has partnered with @ethena to benefit from USDe’s capital efficiency while Manifest scales the real estate portfolio backing USH.
As a result, sUSH holders will receive rewards even as the backing real estate portfolio is being assembled.
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Ethena’s cross-chain footprint has grown to span dozens of networks.
Maintaining that footprint at scale means focusing security and operational resources on the routes where USDe activity is most meaningful, and sunsetting paths which are not.
As part of this periodic review, USDe & sUSDe bridging will be deprecated on the following chains:
Initia, Kava, Manta, Metis, Mode, Scroll, X Layer, zkSync, Swell and Morph.
New inflows have been disabled. Users holding tokens on any of these chains should bridge back to Ethereum or another supported chain before June 20.
The simplified mesh network is provided in the image below.
Less is more.
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Ethena's cross-chain security infrastructure has been hardened across the full stack and we will continue to do so on an ongoing basis.
The security and risk contributors to Ethena remain comfortable operating on LayerZero infrastructure with hardened DVN configurations, reduced mesh complexity, and custom rate limits.
There are no plans to move off LayerZero infrastructure.
May 20
We’re sharing our completed post-mortem on the April 18th incident, prepared with @Mandiant and @CrowdStrike. We are publishing both an executive summary and the full report at the link below.
Over the past four weeks, we’ve worked with hundreds of partners to help them understand their current security posture, and harden it where appropriate. We’ll continue this work, alongside taking additional proactive steps for the benefit of not only our partners, but also the ecosystem as a whole.
We want to extend our thanks to our partners for their support and patience this past month. There’s a reason that over $12 billion has moved across the network in the past four weeks, and why the world’s most valuable asset issuers have stood by our side: they believe in us, in what the LayerZero protocol has to offer, and in the value of modular, isolated, application-controlled security.
The work continues. And we look forward to continue showing up for the applications that trust us with their business, as well as the broader ecosystem.
layerzero.network/blog/layer…
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