According to your description, Ethena's proposal indeed has the potential to make USDe a collateral asset for a decentralized perpetual contract exchange, and this initiative could be a win-win for both Hyperliquid and Ethena. Here is a summary and addition to your points:

1. **Potential of USDe as Collateral**:

- According to the proposal, USDe will be integrated into Hyperliquid L1, which means Hyperliquid has the opportunity to use USDe as its collateral, thereby increasing the use cases and demand for USDe.

2. **Benefits for Ethena**:

- Moving hedging trades to on-chain platforms like Hyperliquid is one of the effective ways to reduce the risks associated with centralized exchange platforms.

- The competitive funding rates offered by Hyperliquid, even higher than some mainstream exchanges, help enhance the profitability of the Ethena project.

3. **Enhancement of USDe Functionality**:

- For general users, the enhancement of USDe's functionality is an important concern. As USDe is accepted as collateral by more platforms, its practicality and demand in the entire cryptocurrency market may increase.

4. **Expectations for the New Product UStb**:

- You mentioned your expectations for the new product UStb, which is a stablecoin fully supported by BlackRock and Securitize, and could serve as a subset of USDe, allowing USDe holders to earn treasury bond yields when traditional financial returns exceed cryptocurrency returns.

- The launch of UStb may smooth out the yield volatility of USDe, increasing the likelihood of future integration with centralized exchanges, thus enhancing USDe's market competitiveness.

5. **USDe Yield Situation**:

- You noted that the annualized yield of USDe on Pendle is currently less than 10%, and you hope that the launch of UStb will bring new yield opportunities.

In summary, Ethena's proposal and the launch of UStb may have a positive impact on the functionality and market position of USDe, while also bringing new growth opportunities for the Ethena project. These developments are worth close attention from market participants.