The Ethena protocol, which powers the “synthetic dollar” token USDe with a total revenue of US$3.4 billion, plans to invest part of its reserves in tokenized real assets (RWA). As part of this plan, BlackRock's BUIDL fund has already applied for a portion of the $34 million reserve of $45 million in available funds.
Apart from BUIDL, other market participants are also interested. Steakhouse Financial Morpho has submitted a proposal using USDC and tokenized assets on the DeFi platform Morpho Blue, and Mountain Protocol, which issues the USDM stablecoin, has announced its intention to submit a proposal soon. All proposals will be publicly discussed on the Ethena governance forum.
The move is part of a growing trend of tokenized RWAs in the decentralized finance (DeFi) space. MakerDAO recently announced plans to invest $1 billion in tokenized treasury products, and ArbitrumDAO completed a competition to allocate 35 million ARB tokens to tokenized offerings.
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