-- #EthenaLabs has invited the USDe community to add $SOL
to its set of collateral.
-- USDe is unique in that it supports a $1 peg with collateralized, hedged trades and risk-managed reserves.
Ethena Labs, the organization responsible for developing and maintaining USDe, has proposed to include (SOL) as part of the synthetic #stablecoin collateral that forms its treasury.
USDe is different from steiblcoins such as (USDT) Tether or ($USDC
) Circle because it is a synthetic steiblcoin that is not backed by fiat assets at a 1:1 ratio. Stablecoin maintains its $1 peg through the collateralization of #Stablecoins and the use of hedged cash-and-carry trading , which involves opening futures positions with large open interest available to stabilize the value backed by a reserve fund to manage risk in a fluctuating market.
If the proposal is approved by the Ethena Risk Committee, which is independent of Ethena Labs, SOL will be progressively integrated as a collateralized asset for USDe with an initial distribution target of $100-200 million in SOL positions . This initial distribution would represent approximately 5-10% of SOL's open interest, similar to its 3% stake in global #BTC☀ open interest and 9% in $ETH
.
The proposal also considers using liquid staking tokens (LSTs), such as BNSOL and bbSOL, similar to Ethena's use of ETH LSTs, which currently represent one-third of its ETH allocation .
Ethena recently announced that it has allocated $46 million of its USDe reserve fund to tokenized real asset investments in BlackRock's BUIDL, Mountain's USDM, Superstate's USTB, and Sky's USDS, in line with DeFi's trend of generating returns from asset-backed tokens.