Ethena Labs, the issuer of the “synthetic” stablecoin USDe, plans to invest part of the funds in tokenized real-world assets (RWA). This is said in a statement from Ethena Governance, revealing some details of the agreement. Ethena Labs’ reserve fund assets total $45.4 million. The Company intends to allocate these funds, as well as a portion of the collateral amounting to $235 million in USDT stablecoins, to invest in RWA to generate profitability.
Applicants that have applied to participate in the tokenization process include BlackRock and Steakhouse Financial. Securitize, as distributor of the BUIDL tokenized fund, is proposing to allocate $34 million of the $45 million in reserve funds. The post lists the benefits of Ethena Labs’ collaboration with Securitize. Since its launch in March 2024, BUIDL has become the fastest-growing fund in its sector, managing more than $500 million in assets. BlackRock has significant experience managing the finances of institutional clients, including corporate and government pension plans.
Another contender for participation in the tokenization of Ethena Labs assets is Steakhouse Financial. On July 23, 2024, it applied to participate in the initiative using USDC credit storage on the Morpho Blue DeFi platform and backed by Wrapped Bitcoin (wBTC) and Ethereum (wstETH), as well as a tokenized Backed Treasury Bill (bIB01). Mountain Protocol, the issuer of the USDM stablecoin, also showed interest in Ethena Labs’ proposal. The protocol’s leadership said it would present its proposal in the coming days.
Image: The Defiant