Ethena Makes Reserve Collateral Update With RWAs

Founder and CEO Guy Young put a post explaining that the team have been working hard over the last few months to ensure that there is a rollout of a newer reserve architecture, mainly to allow better provisions for absorbing sudden crypto market volatility.

Among this, Ethena will be seeking partnerships with trusted and tested exchanges, such as Coinbase Asset Management and Anchorage to expand its reserve to include onchain lending products, as well as seeking delta-neutral strategies across traditional asset classes.

Ethena's USDe stablecoin supply has in fact shrunk since the large liquidation event that happened in October 2025. At its peak, USDe hit around $14B in supply, now down to more than half of that at just under $6B according to CoinGecko.

The planned changes do intend on making less risk concentration and final implementation requires a greenlight from Ethena's Risk Committee.