Ethena sUSDe's risk profile has shifted meaningfully. Only 0.5% of the allocation is now sitting in basis trades, with the majority in stablecoin lending and T-Bills.

The expansion in yield sources makes sense given the compressed basis trade yields. It gives Ethena more flexibility to deliver yield to sUSDe holders without being structurally tied to perp funding rates.
The allocation resembles a lot with Spark Liquidity Layer:
• the portion of liquid stables that doesn't carry rev share with the issuer will likely get reallocated toward institutional lending. The $10M allocation to Coinbase Asset Management is the early signal.
• Longer term, DeFi lending becomes a strategic allocation to support USDe and white-label stablecoin growth rather than a pure yield play.