Ethena Labs has partnered with digital asset prime broker FalconX to establish a one billion dollar revolving senior secured credit facility. This facility operates through a Cayman Islands segregated portfolio company and channels stablecoins into overcollateralized institutional loans rather than the perpetual futures basis trades that originally powered USDe’s yield engine. As of early July 2026, institutional lending represented 6.9% of USDe’s backing, worth approximately 310 million dollars, with an estimated annual percentage yield between 4% and 7%.
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