Ethena’s yield edge is compressing as funding rates and T-bill yields fall, with sUSDe now around ~3.5% and losing ground to alternatives.

The pivot to diversify into CeFi credit (Anchorage ~6.5%, Maple ~5.4%) and potentially equity or commodity perps is a necessity to maintain relevance.

sUSDe is moving from a pure crypto basis trade into a multi-asset yield engine, which improves flexibility but also introduces new counterparty and market risks.
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