Ethena Labs is finalizing its first direct lending agreements with Anchorage Digital, Maple Institutional, and Coinbase Asset Management as part of a sweeping plan to diversify the assets backing its USDe synthetic dollar.
Under the agreements, Ethena would lend stablecoins from USDe's reserves to facilitate overcollateralized loans originated by those entities, with borrower collateral held in secured triparty custody. Each loan will operate within parameters set by the Ethena Risk Committee, including minimum overcollateralization ratios, concentration limits, automatic liquidation thresholds, and tenors designed to minimize liquidity risk during large USDe redemption events.
Ethena framed the move as a natural extension of the stablecoin lending it already does on DeFi protocols like Aave and Morpho, but for institutional counterparties with only high-quality, immediately liquid collateral such as BTC and ETH.
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