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JUST IN: Ethena announced a strategic shift to diversify the reserves backing USDe, its synthetic stablecoin pegged to the dollar.
The plan includes overcollateralized institutional loans, greater exposure to real world assets, and new yield strategies outside of crypto perpetuals, in a move that promises to reduce concentration but also raises questions about security, liquidity, and credit risk.
Ethena said it seeks to reduce USDe concentration risk through a more diversified reserve portfolio.