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[Ethena @ethena]

We are excited to partner with @RobinhoodCrypto to bring Ethena's product suite to Robinhood Chain.

Ethena has been selected by Steakhouse, the curator of the vault, as the primary collateral asset issuer for Robinhood's first crypto earn product.

This is the first decentralized lending product available directly in the Robinhood app.

[Ethena Ecosystem @Ethena_Eco]

USDe-native prediction markets are now live on Robinhood Chain, via @Meridiandotxyz (formerly Ethereal).

Meridian Predict opens to everyone from day one, no limits or whitelist, settled entirely in USDe.

[Ethena @ethena]

Here's what happened @ethena in June:

• Partnered with @BlackRock with USDe now integrated into BlackRock Aladdin which houses $25t of AUM.

• Partnered with @RobinhoodApp as the primary collateral in their new crypto earn product.

• Partnered with @coinbase to grow onchain finance and savings products.

• Coinbase Ventures made its first open-market investment into Ethena.

• The USDe vault on Coinbase grew to nearly 200m in a few weeks.

• @stablecoin_x began trading on Nasdaq Global Market under the ticker "USDE", giving public-market investors direct access to the Ethena ecosystem.

• Published our plan for the next phase of USDe backing diversification, broadening real-world asset exposure beyond tokenized T-Bills.

• Partnered with JanusHenderson to allocate and support distribution of their tokenized, high-quality liquid CLO funds.

• Integrated JAAA, Janus Henderson's AAA CLO strategy, into USDe's backing through a partnership with @Centrifuge.

• Integrated STAC, the Securitize Tokenized AAA CLO Fund, into USDe's backing through a partnership with @Securitize.

• Expanded our partnership with @Anchorage to advance institutional investment lending.

• @MercadoBitcoin, Brazil's largest exchange, listed USDe.

• Became a founding member of the @Avax Payments Collective.

• @kamino went live with Sentora's PYUSD/USDe vault.

[Lido @LidoFinance]

Ethena's USDe has become one of the most active dollar assets powering trading, lending & yield across the DeFi ecosystem.

Now that liquidity has a direct line into EarnUSD.

[Lido @LidoFinance]

USDe deposits are live for EarnUSD.

You can now deposit @ethena's USDe directly into EarnUSD - a new route into curated, USD-denominated vault strategies on Lido Earn.

[Ethena Ecosystem @Ethena_Eco]

USDe continues to expand its role across DeFi.

@LidoFinance has added USDe to EarnUSD, a curated vault of USD-denominated strategies.

[Strata @strata_markets]

The story of @ethena in 2026 is a story about what the broader stablecoin space is becoming.

Ethena's USDe launched as a wrapper around one trade: long spot, short the perp, harvest funding. sUSDe printed north of 20% at the peak. As funding normalized and the basis crowded, that yield settled toward ~4-4.5%, and Ethena did something most issuers can't: it adapted the entire backing underneath the dollar.

Roughly 90% of reserves have rotated out of pure basis into a diversified book. Institutional lending via @maplefinance. AAA CLO exposure through @centrifuge's JAAA and @Securitize's STAC. T-bills via BUIDL with @BlackRock. Distribution into @coinbase and @RobinhoodApp, curated by @SteakhouseFi on @Morpho. This is a serious institutional pivot, executed live, at multi-billion scale.

The result is a stronger, more resilient dollar, and a structurally different one. Ethena is no longer running a single trade. It is curating a portfolio of risk.

That shift is exactly why the structuring layer matters. When backing is one legible trade, its risk is one number everyone watches. When backing blends basis, lending, tokenized CLOs, and prime credit, the published APY becomes a composite. Right on average, wrong for whoever sits in the tail. A blended yield needs a mechanism to unbundle it.

That mechanism is tranching, and Strata was built for it.

Strata launched the first risk-tranching layer native to USDe — srUSDe and jrUSDe live since October 2025, incubated by Ethena. srUSDe is protected up to junior coverage with a floor tied to @aave lending rates; jrUSDe absorbs first loss and earns the premium the senior pays. One risk profile becomes two products, and the junior's clearing price becomes an observable, live price of that strategy's risk.

Since then the layer has generalized well beyond a single dollar. Integrated across @pendle_fi, listed as collateral on Aave, and composable across Morpho and @eulerfinance, and expanded onto new yield sources from @Neutrl to @saturn_credit.

Pendle split yield by time. Strata splits it by risk.

The same evolution reshaping Ethena, from single trade to managed credit book, is what makes a risk-pricing layer necessary. As onchain dollars become portfolios, the market that prices and transfers their risk stops being optional.

[0xyanshu (d/acc) @0xyanshu]

Still sleeping on @ethena and USDe? You're missing probably the biggest structural shift in onchain finance.

Ethena moved beyond just a stablecoin and became the onchain allocator: the asset-management layer everything else now plugs into. Futures are ~10% of backing. The rest is a managed credit book. And the proof isn't a narrative, it's that Ethena is #1 or #2 in every vertical at once.

Institutional / RWA. The largest allocators on earth are routing through it. USDe inside @BlackRock's ~$20T Aladdin. @JHIAdvisors ($480B) integrating JAAA via @centrifuge and taking an ENA stake. A $250M planned allocation to @Securitize's STAC AAA-CLO fund. @Anchorage and @maplefinance on the lending rail.

Public markets. @stablecoin_x trades on Nasdaq under the ticker USDE. A synthetic dollar now has a listed equity proxy.

Fintech. On @RobinhoodApp's chain, Ethena is nearly half of all USDG (~$100M) and the #2 protocol by TVL ($59M), and it effectively drives #1: Ethena's $50M Steakhouse-vault seed took chain TVL from $83M to $147M in a day, and Morpho's ~$84M is mostly that flow. @Gate_io runs USDe earn at ~4.5%. Binance embeds it across 280M+ users.

DeFi earn / vaults. The @Coinbase High Yield vault (@SteakhouseFi on @Morpho) crossed $200M in one month. @LidoFinance routes USDe into EarnUSD. @OriginProtocol's new sUSDe ARM printed 4.6% last month, arbing the sUSDe discount and parking idle USDe on @aave.

Perps. HyENA (@basedonex + @HyperliquidX): USDe-margined, settled in USDe. Did $440M+ in volume in its first month and is the #2 HIP-3 market, paying ~12% on margin that used to sit idle.

Prediction markets. @meridiandotxyz (ex-Ethereal) settles entirely in USDe on Robinhood Chain. This week's World Cup combos (IIRC 12x payouts included), all clear in USDe.

Stablecoin, fintech, institutional credit, DeFi earn, RWAs, perps, prediction markets. Every one, simultaneously, Ethena as the yield engine underneath. h/t @EntropyAdvisors for the Robinhood data.

This is the onchain allocator thesis, validated in the tape. Not "a stablecoin with good BD." The allocation layer of onchain finance.

Which is the whole point of the post above: once a dollar's yield is a blended book spread across all of this, the published APY is an average, right for no one in the tail. The open primitive isn't more distribution. It's who prices and tranches the risk.

Huge s/o to the team for absolutely killlig @litocoen, @ConorRyder, @miguelweb3, @lingchenjaneliu, @gdog97_, @n2ckchong.

[Ethena @ethena]

https://t.co/FGDYmP0ppV

[Ted Chen @tedchenCPC]

Another day, another @ethena earn product integration.

$USDe everywhere.

[Gate Launch @Gate_Launch]

Limited-Time USDE Flexible Term Live on Gate

✅ APR up to 3.75%
✅ Start with just 1.5 USDE
✅ Subscribe & redeem anytime, hourly interest payouts

Subscribe Now: https://t.co/qgF9v8bpR4

[Ethena @ethena]

Gate has launched their first USDe earn product, details below:

[QNOY @QNOY47190325]

Ethena partners with Robinhood Crypto,成为Robinhood的首选资产发行商。此合作标志着Robinhood首个加密收益产品的重大里程碑。未来，DeFi合作会如何演变？#Crypto #DeFi #Robinhood

[Kate @mynameiskatekim]

😊😊

[Makima @0xMakima_]

hey @SkyEcosystem @MonetSupply you forgot to fud @ethena recursiveness here

oh wait is it because @grovedotfinance aka @SteakhouseFi now shares the same vault with you

it is ok then 👍👍

[Token Terminal 📊 @tokenterminal]

J.P. Morgan has tokenized ~$800M in assets on @ethereum across 2 funds.

[Cocopark @realcocopark]

Think of this as an evolving historical record of @ethena .

Markets move fast, information changes, and it’s always possible that I’ve missed something.

If you have corrections or additional context, please share them in the comments. I’ll review everything and update the thread whenever necessary.

[Tom Wan @tomwanhh]

Robinhood Chain has hit another milestone, surpassing $200M in stablecoin market cap.

Look closer and the key catalyst is none other than Ethena, the leading asset manager in the space. They currently hold:

• $50M in USDG on Robinhood Chain
• $50M in the Ethena x Steakhouse USDG vault

In total, Ethena accounts for close to 50% of all USDG supply on Robinhood Chain.

Data from @EntropyAdvisors

[Cryptrus @cryptrus]

Ethena everywhere

[Ted Chen @tedchenCPC]

$COIN partnered with @ethena on their earn product. $HOOD partnered with @ethena on their earn product.

What's the common thread?

Traditional banks want to limit how FinTechs can pay yield on idle stablecoins. @coinbase and @RobinhoodApp integrating on-chain lending infrastructure neuters the debate by turning idle balances to active lending.

Every fintech platform serious about offering users yield from stablecoin balances will likely want their own earn product.

Ethena is a massive beneficiary. This opens a deep retail liquidity funnel, lowering the cost of capital to borrow against $USDe, and creating a structural tailwind behind its utility and adoption.

These integrations are laying the foundation for large spread differentials between the borrow rates on these platforms and crypto yields. As those spreads expand during the next crypto bull cycle, they will drive massive adoption of USDe.

Ignore the noise on USDe TVL and $ENA token price. Ethena is cooking while the rest are sleeping.

$USDE everywhere.