Ethena is shifting its synthetic dollar USDe from crypto basis trades to AAA-rated collateralized loan obligations (CLOs). In June 2026, the protocol allocated 200 million dollars to the Janus Henderson Anemoy AAA CLO Fund through a partnership with Centrifuge on the Solana blockchain, with a cap set at 310 million dollars. By mid-2026, real-world assets accounted for approximately 11 percent of USDe’s backing, while perpetual futures positions had dropped to around 11 percent. The US AAA CLO market, valued at 500 to 600 billion dollars, offers yields tied to SOFR plus roughly 61 basis points, with a track record of zero principal loss.
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