Guy Young, founder of Ethena Labs, argued at TOKEN2049 in Singapore that financial yield in crypto is not a standardized commodity, because trust in risk management varies significantly across operators. The protocol issues USDe, a synthetic dollar, and sUSDe, a yield-earning version, through a delta-neutral strategy combining staked crypto assets and short positions on perpetual futures contracts. USDe supply peaked near $15 billion before contracting after stress events in late 2025, including a wind-down order from Germany’s BaFin. In 2026, Ethena secured a $1 billion credit facility with FalconX and diversified into tokenized US equities via Binance bStocks.
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