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Sep 16, 2026

Ethena Labs shifts USDe stablecoin to AAA-rated collateral from crypto basis trades

Ethena Labs is transitioning its synthetic dollar stablecoin USDe away from crypto-native basis trades toward AAA-rated collateral, marking a significant strategic shift for the protocol.

Sep 16, 2026·1 source

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Top claims

▪Ethena Labs founder Guy Young stated that the shift to AAA-rated collateralized loan obligations aims to introduce low-duration, lower-risk instruments to reduce USDe's dependency on crypto market volatility.
▪The quarterly mean spread for United States AAA collateralized loan obligations is approximately 61 basis points over the Secured Overnight Financing Rate.
▪The yields from AAA collateralized loan obligation spreads of 61 basis points over the Secured Overnight Financing Rate are lower than the yields generated by crypto basis trades during bullish market periods.

Subtopics

Crypto derivatives1 DeFi1 Stablecoins1 Tokenomics1

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