Ethena is expanding the collateral backing for its yield-bearing stablecoin USDe to include equity perpetuals, also known as real-world asset (RWA) tokenization perpetuals. The protocol aims to deploy this expansion within the coming weeks as part of a broader diversification strategy.
According to Ethena, equity perps have grown tenfold to $6 billion in open interest since March. The project estimates the RWA perps market could expand to 100 times its current size, presenting what it describes as a scalable basis yield opportunity independent of cryptocurrency market cycles.
Market Scale and Diversification Rationale
Ethena emphasizes the underlying asset base for RWA perps exceeds $150 trillion compared to approximately $2.5 trillion in cryptocurrency markets. The protocol expects RWA perpetuals backing to outpace crypto-based basis allocations within 12 to 24 months.
Currently, USDe collateral is distributed across multiple categories: liquid stablecoins account for 32%, DeFi lending represents 31%, and traditional credit comprises 12%. The remaining allocation supports other reserve types.
Prior Yield Challenges
Basis trading, which locks in spreads between spot and futures prices, historically performs during bull markets. USDe supply peaked near $15 billion during the 2024-2025 bull run with over 80% yield, but contracted to $4 billion with yields falling below zero during crypto downturns.
This cyclicality prompted Ethena to diversify into traditional credit backed by Janus Henderson and now into RWA perpetuals. Ethena founder Guy Young stated the project took "a cautious approach to what was a nascent market" and waited for deep, liquid markets with sufficient data history before proceeding at scale.
USDe currently offers a 1.6% yield spread over short-term U.S. Treasury bonds, reflecting the additional yield available from the stablecoin relative to traditional fixed-income alternatives.
