The real-world asset perps market has reached $6 billion in open interest, and Ethena’s founder expects 100x growth in the next 1-2 years. USDe, which peaked at nearly $15 billion in market supply with over 80% yield during the 2024-2025 bull run, contracted to $4 billion with sub-0% yield during the crypto winter. The protocol diversified its backing by adding traditional credit (12%) and is now targeting equity perps as its next expansion wave to move away from cyclical crypto market dependence. The underlying asset base of over $150 trillion versus approximately $2.5 trillion in crypto offers a massively scalable basis yield opportunity. Founder Guy Young stated the protocol took a cautious approach, waiting for the nascent market to develop deeper liquidity before moving in at scale.
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