
JS🛡️
29K posts

JS🛡️
@JScryptoBTC
@apg_capital Praetor | Angel Investor | Audaces Fortuna Juvat | Book Writer (link in bio) Views are my own


Tokenization represents a key evolution in capital markets, building on the advancements made by hedge funds, mutual funds, and ETFs. 👇🧵(1/5)












Since 10/10 Ethena was poorly positioned for what has been a material regime change. In the last few months we have been building out the infrastructure to securely access alternate sources of safe and scalable collateral to better position the business for these periods of downturn. This is an important piece of work which should have been done a long while ago, but now positions USDe backing to experience less rate volatility during periods of suppressed crypto native interest rates. Going forward, once approved by the independent risk committee, USDe will have access to: -Basis on non crypto assets including commodities and equities -Institutional triparty collateralized lending via @coinbase @krakenfx @Anchorage and others -Prime lending across CeFi and @HyperliquidX -Liquid high quality non-tbill RWA exposures Each of the above represent multi-billion capacity opportunities with that will now sit alongside the existing USDe collateral base to improve the product resilience through the cycle.

Wen vault insurance? We all know vaults will be huge, but I feel like in order for them to take a big leap, some level of insurance is needed. Tagging @veda_labs chads here. How far off are we from vault insurance fully baked into the product? At least up to some level?








