Ethena Leans In on Institutional-Grade Assets with USDe

Ethena Labs is rewriting its playbook for the synthetic dollar, USDe. The protocol has shifted from relying on crypto-native basis trades to leveraging AAA-rated collateralized loan obligations (CLOs).

The shift began in June 2026 when Ethena allocated $200 million to the Janus Henderson Anemoy AAA CLO Fund, known as JAAA. This allocation was executed through a partnership with Centrifuge on the Solana blockchain.

Ethena's Risk Committee approved the position and set a cap of approximately $310 million, leaving room for further deployment. By mid-2026, real-world assets accounted for roughly 11% of USDe's total backing, a significant increase from its previous reliance on perpetual futures positions.