Ethena (ENA) is shifting its reserve-asset management away from funding-rate-driven income toward DeFi and institutional lending, aiming for more stable operations and diversified revenue.
Instead, more than 60% of reserve assets moved into DeFi lending and corporate credit products.
This shift is seen as Ethena's effort to diversify revenue sources and strengthen its response to market volatility. It is a transition away from a revenue structure that depended heavily on funding rates toward stable, lending-based income.
From June, Ethena added to its reserve management a financial product that pools loans to U.S. companies. This accounts for about 11% of total reserves, or 690 billion won.
The product is built around high-quality corporate borrowers to secure stability, and it has passed liquidity checks that allow for quick conversion to cash. Through this product, Ethena is pursuing both stability and profitability in reserve management.
This lending structure involves collateral arrangements to manage risk.
This is part of Ethena's strategy to secure lending interest as a new revenue source beyond funding rates. It is building a stable revenue model through institutional lending and expanding its business scale.
Ethena's institutional lending business grew rapidly in a short period. The amount of reserves put to use rose from about 13.8 billion won at the end of April to 520 billion won as of August.
This growth is supported by expanding partnerships with Maple, Anchorage Digital, Coinbase, Kraken, FalconX, and others. Ethena is moving beyond short-term experimentation into building a long-term business network.
This shows that Ethena's uses are expanding as it joins the Coinbase ecosystem.
Through the Coinbase platform, users worldwide are finding it easier to access Ethena assets, and demand to use them as collateral is growing.
Ethena has begun appearing on Robinhood, the popular consumer finance app. On July 1, Robinhood unveiled Ethena-related financial products, and as of July 31, Ethena assets on the Robinhood chain exceeded $200 million, or about 270 billion won.
This shows Ethena expanding to platforms that handle general financial products such as stocks and options. Through the Robinhood integration, more general users can now access Ethena.
A PSM is a system that lets USDe be easily swapped for other dollar coins.
The aim is to improve user convenience and ease of payment and exchange amid a large supply environment. Ethena plans to further raise USDe utility through a stable exchange system.
Maple Finance manages assets worth $400 million, or about 550 billion won.
As a result, the uses of USDe (yield-bearing) and USDeTB (cash-reserve/Treasury-type) are now clearly separated, making Ethena's reserve asset strategy more concrete. Through its partnership with Maple Finance, use of USDeTB is taking full shape.
On August 12, Ethena and Kraken announced an automatic yield product for USDe. At the time, the maximum yield was 4.5% per year. The product lowers barriers to entry for general users by having the exchange handle the process automatically, without complicated DeFi steps such as wallet connection.
The Kraken collaboration is linked to four business models for USDe: custody, deposits and withdrawals, institutional lending, and more. Direct integration with a major exchange like Kraken is expected to significantly improve the liquidity and accessibility of Ethena assets.
This partnership is an important step in securing a broader user base and accelerating the expansion of the USDe ecosystem.
By offering stable yield opportunities using USDe within an exchange platform, Ethena is presenting an attractive alternative to general investors.
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