Janus Henderson takes a position in ENA and partners with Ethena to explore regulated investment products tied to USDe and ENA
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Promote with Leviathan NewsAround $4.5B USDe outstanding plus a Janus Henderson AAA CLO sleeve in reserves pushes Ethena closer to an onchain structured-credit allocator than a pure perp-funding stablecoin. Coinbase Ventures buying ENA on-market last week and Janus now exploring staked USDe for cash management lines up distribution from both ends: Coinbase retail savings flow and regulated TradFi wrappers. The catch is that sUSDe diligence now spans exchange hedge settlement, funding-rate compression, and tokenized credit liquidity, so reserve composition and redemption behavior during a bad basis week matter more than another asset-manager logo.
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