Etena Expands USDe Revenue Base to Real Assets

Etena (ENA) is expanding the revenue base of its synthetic dollar, USDe, from cryptocurrency funding transactions to real-world assets (RWA), stablecoins, and institutional loans. According to the June 2026 update, the supply of USDe has decreased from approximately $4.51 billion to $4.46 billion. The protocol's collateral ratio stands at 101.51%, with a reserve fund of about $62 million. The month-end APY for the staking product sUSDe was recorded at 3.84%. The composition of collateral has changed to 46.0% DeFi loans, 35.0% liquidity stablecoins, 11.2% RWA, and 6.9% institutional loans. Etena has noted a reduction in the proportion of cryptocurrency collateral and perpetual ledgers, with about 99% shifting to stablecoins, RWA, and cash. The growth of the RWA perpetual market is also noteworthy, with the trading volume for RWA perpetuals reaching $524.79 billion in Q1 2026. The founder of Etena described RWA perpetuals as 'one of the few remaining 100x opportunities,' explaining that the expansion of revenue sources is predicated on market depth and operational data. However, he warned that expanding revenue sources does not imply a reduction in risk, and funding reversals could impact protocol revenue.