Ethena Labs has proposed to the USDe community to add SOL tokens to its collateral. USDe is a synthetic stablecoin that maintains its peg to the dollar through hedged trades and managed reserves, rather than through a 1:1 backing of fiat assets like USDT or USDC.
If the proposal is approved by Ethena’s Risk Committee, SOL will gradually become part of the USDe collateral pool, with an initial volume of $100-200 million. This would account for about 5-10% of SOL’s open interest, comparable to 3% of the global open interest in BTC and 9% in ETH. They are also considering the use of liquid staking tokens (LST) such as BNSOL and bbSOL, similar to how Ethena utilizes LST tokens for ETH.
Recently, Ethena announced an investment of $46 million from its reserves into tokenized assets, including BUIDL from BlackRock and USDM from Mountain, in line with DeFi trends for generating yield from asset-backed tokens.
