Ethena shifts USDe backing to AAA-rated CLOs
- —RWAs make up about 11% of USDe backing, with a $310 million JAAA limit
- —Perpetual futures positions fell to about 11% of backing by April 2026
- —The U.S. AAA CLO market is valued at $500–600 billion, with a spread of about 61 bps to SOFR
- —USDe supply holds in the $4.5–4.7 billion range
Why it matters: The shift toward institutional backing reduces USDe's dependence on crypto market volatility but also lowers yields during bull markets.
Source: Crypto Briefing