Gate News message, April 7: Ethena officially announced that, after obtaining approval from an independent Risk Committee, USDe will expand its collateral type coverage. Ethena said that historically, USDe’s collateral assets have mainly been composed of short positions in perpetual contracts targeting spot crypto assets, but currently perpetual contract positions account for only 11% of USDe collateral assets, with the remainder allocated to a variety of stablecoin reserves and DeFi lending positions. To reduce concentration risk and build a more resilient reserve portfolio, the project team is proactively moving forward with diversification of the collateral structure. This collateral asset diversification includes four areas: 1) over-collateralized institutional stablecoin lending, in which the collateral assets provided by the borrowing party are held by a third-party institutional-level custodian; 2) more real-world assets (RWA) beyond U.S. Treasury bills, expanding into more high-quality, liquid credit-type assets; 3) stock and commodity basis trading, extending Ethena’s delta-neutral (neutral hedging) approach applied to crypto assets to traditional assets; 4) Prime Lending for trading institutions, providing funding to trading companies through over-collateralized loans, with the exchange risk borne by the counterparties.
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