DAI/USDs set for partial USDe backing amid concerns over Ethena ties and lack of independent risk assessment.

MakerDAO’s rebranded Sky Protocol is considering adding Ethena’s USDe as a form of direct backing for its stablecoins DAI and USDS, partially replacing existing USDC exposure. A governance proposal highlighted on X by ImperiumPaper notes that Sky’s dollar stablecoins, which are currently collateralized by a blend of crypto assets, USDC via the Peg Stability Module, and tokenized U.S. Treasuries, would gain some degree of direct USDe-backed exposure if the change is approved. DAI and USDS are both issued by Sky Protocol (formerly MakerDAO) and together represent one of the largest decentralized stablecoin systems in DeFi. The move has raised concerns among some observers because the proposal is reportedly sponsored by an investor in Ethena, the project behind USDe, and there is no widely publicized, independent risk assessment of USDe’s design and counterparty profile in the Maker/Sky governance materials referenced by critics. Ethena’s USDe is an “internet bond”/synthetic dollar product that relies on delta-hedged positions and centralized exchange infrastructure, which introduces a different risk profile than the overcollateralized, onchain crypto and Treasuries that dominate Sky’s current backing. For DAI and USDS users, the debate matters because it touches on concentration and governance conflicts of interest, the introduction of a more complex external stablecoin into the collateral mix, and the broader question of how far a leading decentralized stablecoin protocol should go in outsourcing backing to newer synthetic dollar systems.

✨ AI-generated background, compiled from web sources — not editorial content.

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