Quick take:
- A further $13 million or 29% will be invested in the USDS stablecoin by Sky, formerly Maker.
- The remaining will be split between Mountain’s USDM (16.5%) and Superstate’s USTB (14.5%).
- Ethena Foundation approved the allocation of the funds accordingly as chosen by the risk assessment committee.
Ethena Labs, the issuers of the yield-generating USDe synthetic dollar token has revealed the winners of its $46 million tokenised real-world assets fund.
According to the announcement on X, Ethena Foundation’s risk assessment committee identified four assets from a pool of 25 that were considered in the evaluation process. These include BlackRock and Securitize’s USD Institutional Digital Liquidity token, BUIDL, the USDS stablecoin by Sky, formerly Maker, Mountain’s USDM and Superstate’s USTB token.
The biggest chunk 40% or about $18 million of the funds will be invested in the BUIDL token, with another 29% or approximately $13 million invested in USDS. The remaining fund will be split between USDM 16.5%, or $8 million and USTB 14.5% or $7 million.
Ethena’s move comes just as interest in tokens backed by real-world assets continues to grow. The sector has already experienced significant growth this year with the total value of RWA tokens nearing $13 billion, with those backed by U.S. treasuries crossing $2.2 billion according to RWA.xyz.
Ethena’s USDe stablecoin earns yield by holding spot BTC and ETH while shorting an equivalent amount of BTC or ETH derivatives. The company is now expanding its earning channels to include protocol revenues that supplement periods of negative funding rates.
Ethena said in a statement that the sDAI allocation was approved before Maker transitioned to Sky, and is set to be migrated to the USDS.
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