Ethena to diversify USDe reserves

USDe issuer Ethena (ENA) announced in a blog post that it is diversifying its reserve structure to enhance market responsiveness. Moving away from its previous model centered on perpetual futures against spot assets, the company has now reduced its futures allocation to 11%. The new structure will include stablecoin reserves and DeFi lending, as well as overcollateralized institutional loans, real-world assets (RWAs) beyond U.S. Treasurys like highly liquid credit assets, stock and commodity basis trading, and prime lending to trading firms. All strategies will be managed conservatively under the approval of a risk committee, while the redemption structure will remain unchanged.