March 9 - March 15, 2026
Headline: 18 projects raised $220M total.
Ethena governance is proposing to replace the fixed 7 day sUSDe unstaking cooldown with a dynamic model ranging from 1 to 7 days, based on the liquidity profile of USDe's backing assets. The shift reflects a material change in the reserve structure. Early in 2025 roughly 93% of collateral sat in perpetual futures positions, requiring longer exit windows. Today perps represent only ~11% of backing while ~89% sits in stablecoins and liquid assets, meaning liquidity is substantially higher than at launch.
A dynamic cooldown would shorten redemption times when reserves are highly liquid while automatically extending them during stress periods. For users looping sUSDe strategies, this creates a much more flexible liquidity profile, aligning exit windows with actual reserve conditions rather than a fixed worst case assumption.
Ethena is also proposing to expand reserve deployments into institutional credit through Maple Finance and Anchorage Digital. If approved, portions of the stablecoin backing could be deployed into overcollateralized lending markets, introducing a new yield source outside of centralized exchange funding markets.
The move reflects a broader structural shift. As perp funding and basis opportunities become increasingly competitive, relying exclusively on exchange carry becomes harder to sustain. Allocating part of the reserve base to institutional lending diversifies yield sources while keeping positions transparent through Ethena's proof of reserves framework.
Ethena's growth model is unusual in that it largely funds itself from idle collateral yield. While sUSDe currently pays roughly 3.5% APR, much of the backing capital is not actively deployed in basis trades. Instead a large share sits in USDtb, which earns yield from U.S. Treasury exposure.
At the same time, only about half of the USDe supply is staked, meaning a large portion of collateral continues generating yield without needing to pay staking rewards. That excess yield is redirected into incentive programs, liquidity campaigns, and protocol reserves.
In effect, Ethena is able to bootstrap adoption using the yield generated by un-staked collateral, turning idle balance sheet capacity into growth capital. The result is a system where expansion is largely financed internally rather than through external token emissions.
The program reflects a broader shift underway across the payments stack. Mastercard has already integrated crypto cards, tokenization platforms, and digital asset settlement tools. In parallel, SoFi is preparing to use its SoFiUSD stablecoin for settlement across Mastercard's network, while MetaMask recently launched a Mastercard linked self custody payment card.
The direction is clear. Stablecoins are moving from trading instruments into global settlement rails embedded inside traditional payment networks.
Mastercard has launched a global Crypto Partner Program with more than 85 crypto companies, including Binance, Circle, Ripple, Gemini, PayPal, and Paxos. The initiative focuses on building real products around cross border remittances, B2B payments, payouts, and settlement, integrating digital asset infrastructure directly into Mastercard's global payment rails.
The goal is not speculative crypto usage. It is enterprise payment infrastructure where blockchain rails handle settlement while card networks maintain compliance, distribution, and merchant acceptance.
The structure of the partnership matters. Mastercard is not competing with crypto firms. It is plugging them into the global payment network. Exchanges, wallet providers, and stablecoin issuers become infrastructure providers for settlement, liquidity, and programmable payments.
This creates a hybrid model where traditional payment distribution meets blockchain settlement speed.
The structure of the partnership matters. Mastercard is not competing with crypto firms. It is plugging them into the global payment network. Exchanges, wallet providers, and stablecoin issuers become infrastructure providers for settlement, liquidity, and programmable payments.
This creates a hybrid model where traditional payment distribution meets blockchain settlement speed.
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