Ethena has been cooking hard over the years, and this is getting more and more evident recently. Rewind twelve months. The backing already had stables in it, but the yield was one variable: crypto funding. It worked beautifully until it didn't. When funding went flat and leverage demand died after October, supply fell from ~$15b to ~$4b over the following ten months. The yield and the cycle were the same thing. Look at the backing today: 32% liquid stables, 31% defi lending, 13% crypto basis, 12% institutional lending, 12% rwa. Five categories, five different drivers. And it rotates. Crypto basis was just about 1-2% a few weeks back. It's 13% now. Funding turns, they lean back in. Funding dies, they double down on institutional credit and RWA. sUSDe printing a 3 month high this week is that mechanism working. Or more like just getting started. The credit side is real now, and at scale. > Overcollateralised lines with @Anchorage, @maplefinance Institutional and @coinbase Asset Management, finalised in March and April, BTC and ETH collateral only, triparty custody with Anchorage running collateral through Atlas. > Then @FalconXGlobal on Aug 20, a $1b senior secured warehouse where Ethena's capital buys crypto-backed loan receivables against a first-priority claim. That book is 12% of backing today. The RWA leg is Janus Henderson. JAAA tokenised through Centrifuge, 100% AAA CLO tranches, cleared by Ethena's risk committee at a $250m initial allocation. They also took and run treasury cash in sUSDe. Equity basis is the piece that now gives the yield engine a leg that isn't priced off crypto leverage demand. Then the token side landed on top of it. Investor unlocks ended, IP and economics moving to the foundation, fee switch vote live through Sept 2 sending 95% of the foundation's net revenue to buybacks once USDe clears $7.5b. Last cycle Ethena was a great trade. This time it's a diversified book with institutional plumbing under it and a token with a claim on the whole thing. The result is a stronger, more resilient dollar, and a structurally different one. With a diversified and evolving book, @ethena is curating a portfolio of evolving and diversified risks. @strata_markets continues to provide allocators an option to choose where they want to sit on the risk-reward curve on that diversified book. > takes the senior claim, paid first, protected up to junior coverage, 3.79% today. > $jrUSDe for the allocators who want levered exposure to those yields, while absorbing first loss and getting paid a risk premium for it. Same book, two distinct places on that risk-reward curve. Pick your seat. As always, NFA