# Top **URL:** https://gov.ethenafoundation.com/top.md?page=1 [Latest](https://gov.ethenafoundation.com/latest.md) · [Categories](https://gov.ethenafoundation.com/categories.md) · [Tags](https://gov.ethenafoundation.com/tags.md) **Page:** 2 --- ## [Ethena’s November 2025 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-november-2025-governance-update/726)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 0\ **Last updated:** [December 9, 2025, 2:49pm UTC](https://gov.ethenafoundation.com/t/ethena-s-november-2025-governance-update/726 "2025-12-09T14:49:51Z")
Ethena: November 2025 Governance Update Prepared by Kairos Research 1. Overview This report summarizes key governance, risk, and ecosystem developments for the Ethena protocol during November 2025. The month was defin… --- ## [Proposal: Add PYUSD and USDG as a USDe Backing Asset and Eligible Asset for the Reserve Fund](https://gov.ethenafoundation.com/t/proposal-add-pyusd-and-usdg-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund/692)
**Author:** [@steakhouse](https://gov.ethenafoundation.com/u/steakhouse)\ **Replies:** 1\ **Last updated:** [October 27, 2025, 11:37am UTC](https://gov.ethenafoundation.com/t/proposal-add-pyusd-and-usdg-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund/692 "2025-10-27T11:37:11Z")
Summary The Risk Committee is opening discussion on the addition of PYUSD and USDG as eligible assets for the Reserve Fund and as backing for USDe. Both tokens are issued by Paxos under the same contractual framework, w… --- ## [Ethena’s June 2026 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-june-2026-governance-update/808)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [July 17, 2026, 3:31pm UTC](https://gov.ethenafoundation.com/t/ethena-s-june-2026-governance-update/808 "2026-07-17T15:31:54Z")
1. Overview This report summarizes key governance, risk, and ecosystem developments for the Ethena protocol during June 2026. The month was defined by a decisive acceleration of Ethena’s integration with traditional fin… --- ## [Reserve Fund / Superstate (USTB)](https://gov.ethenafoundation.com/t/reserve-fund-superstate-ustb/66)
**Author:** [@fig](https://gov.ethenafoundation.com/u/fig)\ **Replies:** 1\ **Last updated:** [August 12, 2024, 8:28am UTC](https://gov.ethenafoundation.com/t/reserve-fund-superstate-ustb/66 "2024-08-12T08:28:08Z")
Applicant Information: Name: Superstate Short Duration US Government Securities Fund (“USTB” or the “Fund”) Website: https://superstate.co/ustb Primary Contact Name: Francis Gowen (FIG) Title: Protocol Relations Le… --- ## [Ethena's October 2025 Governance Update](https://gov.ethenafoundation.com/t/ethenas-october-2025-governance-update/711)
**Author:** [@steakhouse](https://gov.ethenafoundation.com/u/steakhouse)\ **Replies:** 0\ **Last updated:** [November 17, 2025, 11:11am UTC](https://gov.ethenafoundation.com/t/ethenas-october-2025-governance-update/711 "2025-11-17T11:11:12Z")
Welcome to October’s monthly governance update, summarizing Ethena’s major developments since the last update. This report highlights an analysis of the October volatility as well as major partnership announcements for E… --- ## [Proposal: USDe Redeem for Dislocations on Secondary Markets](https://gov.ethenafoundation.com/t/proposal-usde-redeem-for-dislocations-on-secondary-markets/712)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 5\ **Last updated:** [November 21, 2025, 12:25pm UTC](https://gov.ethenafoundation.com/t/proposal-usde-redeem-for-dislocations-on-secondary-markets/712 "2025-11-21T12:25:43Z")
Summary This proposal outlines a suggested mechanic whereby: Ethena currently has $5bn of stablecoins in the backing of USDe, most of which are readily available and liquid to meet redemption requirements at any given… --- ## [Proposal: Holding Whitelabel Stablecoin Assets in USDe Backing](https://gov.ethenafoundation.com/t/proposal-holding-whitelabel-stablecoin-assets-in-usde-backing/777)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 1\ **Last updated:** [April 15, 2026, 1:51pm UTC](https://gov.ethenafoundation.com/t/proposal-holding-whitelabel-stablecoin-assets-in-usde-backing/777 "2026-04-15T13:51:05Z")
Proposal: Holding Whitelabel Stablecoin Assets in USDe Backing TL;DR Holding whitelabel stables like jupUSD and USDm in USDe backing is economically equivalent to holding USDtb directly, and allows Ethena to optimize b… --- ## [sDAI Ethena Reserve Fund Allocation Application](https://gov.ethenafoundation.com/t/sdai-ethena-reserve-fund-allocation-application/86)
**Author:** [@PhoenixLabs](https://gov.ethenafoundation.com/u/PhoenixLabs)\ **Replies:** 0\ **Last updated:** [August 6, 2024, 8:51am UTC](https://gov.ethenafoundation.com/t/sdai-ethena-reserve-fund-allocation-application/86 "2024-08-06T08:51:37Z")
Applicant information Name Phoenix Labs Key Information Asset name: sDAI (Savings Dai) - Etherscan link. sDAI token code: GitHub - sky-ecosystem/sdai: A tokenized wrapper around the DSR. sDAI is a token that represents… --- ## [Reserve Fund: January & Early February 2026 Update](https://gov.ethenafoundation.com/t/reserve-fund-january-early-february-2026-update/748)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [February 10, 2026, 9:20am UTC](https://gov.ethenafoundation.com/t/reserve-fund-january-early-february-2026-update/748 "2026-02-10T09:20:35Z")
Summary This analysis is presented by LlamaRisk and Blockworks Advisory, members of the Risk Committee leading risk recommendations on the Reserve Fund. We will periodically re-evaluate the fund’s size based on market co… --- ## [Reserve Fund diversification considerations and Superform](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-superform/107)
**Author:** [@blakechains](https://gov.ethenafoundation.com/u/blakechains)\ **Replies:** 0\ **Last updated:** [August 13, 2024, 10:09am UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-superform/107 "2024-08-13T10:09:00Z")
Applicant information Name: Superform Key Information: Superform is the Universal Yield Marketplace, offering a permissionless, non-upgradable, open-source registry of vault opportunities through the Superform Protoco… --- ## [Reserve Fund | Ondo Finance (OUSG)](https://gov.ethenafoundation.com/t/reserve-fund-ondo-finance-ousg/109)
**Author:** [@nathanlallman](https://gov.ethenafoundation.com/u/nathanlallman)\ **Replies:** 0\ **Last updated:** [August 13, 2024, 10:09am UTC](https://gov.ethenafoundation.com/t/reserve-fund-ondo-finance-ousg/109 "2024-08-13T10:09:13Z")
Applicant information Name: Ondo I LP, an affiliate of Ondo Finance Inc. Email: partnerships@ondo.finance Key Information: OUSG is a tokenized limited partnership interest in Ondo I LP, whose net asset value is backed… --- ## [Reserve Fund: March 2026 Update](https://gov.ethenafoundation.com/t/reserve-fund-march-2026-update/775)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [April 8, 2026, 12:51pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-march-2026-update/775 "2026-04-08T12:51:31Z")
Summary This analysis is presented by LlamaRisk and Blockworks Advisory, members of the Risk Committee leading risk recommendations on the Reserve Fund. We periodically re-evaluate the fund’s size based on market conditi… --- ## [Ethena Risk Committee Elections – Fourth Term Results](https://gov.ethenafoundation.com/t/ethena-risk-committee-elections-fourth-term-results/750)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 0\ **Last updated:** [February 11, 2026, 5:31pm UTC](https://gov.ethenafoundation.com/t/ethena-risk-committee-elections-fourth-term-results/750 "2026-02-11T17:31:11Z")
Dear Ethena Community, Following the conclusion of the voting period, we are pleased to announce the official results of the Snapshot vote for the fourth term. Winners (in vote order): Kairos Research Blockworks Advi… --- ## [Reserve Fund Application by USD3 and Reserve Protocol](https://gov.ethenafoundation.com/t/reserve-fund-application-by-usd3-and-reserve-protocol/110)
**Author:** [@griffpeer](https://gov.ethenafoundation.com/u/griffpeer)\ **Replies:** 0\ **Last updated:** [August 13, 2024, 10:09am UTC](https://gov.ethenafoundation.com/t/reserve-fund-application-by-usd3-and-reserve-protocol/110 "2024-08-13T10:09:15Z")
1. Name: Web 3 Dollar USD3 2. Key Information: Web 3 Dollar (USD3) is a blue chip stablecoin index earning over 6% APY for holders deployed on the Reserve Protocol. USD3 Mandate: A low-risk yield-bearing USD stableco… --- ## [Reserve Fund Subcommittee October 2025 Update](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-october-2025-update/709)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [November 3, 2025, 3:46pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-october-2025-update/709 "2025-11-03T15:46:57Z")
Summary This analysis is presented by LlamaRisk and Blockworks Advisory, members of the Risk Committee leading risk recommendations on the Reserve Fund. We will periodically re-evaluate the fund’s size based on market co… --- ## [Reserve Fund Application by PV01](https://gov.ethenafoundation.com/t/reserve-fund-application-by-pv01/106)
**Author:** [@shlugs](https://gov.ethenafoundation.com/u/shlugs)\ **Replies:** 0\ **Last updated:** [August 13, 2024, 10:08am UTC](https://gov.ethenafoundation.com/t/reserve-fund-application-by-pv01/106 "2024-08-13T10:08:57Z")
Applicant Information Name: PV01 Key Information Company: PV01 has built the next-generation platform for debt capital markets, offering access to institutional grade, yield-bearing and digitally native bonds on publ… --- ## [Reserve Fund diversification and Frictionless Institutional Cash Funds](https://gov.ethenafoundation.com/t/reserve-fund-diversification-and-frictionless-institutional-cash-funds/76)
**Author:** [@hougi-pat](https://gov.ethenafoundation.com/u/hougi-pat)\ **Replies:** 0\ **Last updated:** [July 31, 2024, 9:04am UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-and-frictionless-institutional-cash-funds/76 "2024-07-31T09:04:06Z")
Applicant Information Name: Frictionless Markets Sarl & Frictionless Markets Securities (Luxembourg) as a registered intermediary of BlackRock Institutional Cash Series PLC, a UCITS V fund registered in Ireland. Frictio… --- ## [Proposal: Adding Kraken, Anchorage Digital and Zodia as Eligible Custodians for the Backing Assets of USDe](https://gov.ethenafoundation.com/t/proposal-adding-kraken-anchorage-digital-and-zodia-as-eligible-custodians-for-the-backing-assets-of-usde/732)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 4\ **Last updated:** [January 12, 2026, 9:35am UTC](https://gov.ethenafoundation.com/t/proposal-adding-kraken-anchorage-digital-and-zodia-as-eligible-custodians-for-the-backing-assets-of-usde/732 "2026-01-12T09:35:25Z")
This proposal requests the Ethena Risk Committee’s review of the following three entities as eligible custodians for the backing assets of USDe: Kraken Custody Anchorage Digital Zodia Custody For all three providers, … --- ## [mUSD as a USDe Backing Asset](https://gov.ethenafoundation.com/t/musd-as-a-usde-backing-asset/812)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [July 23, 2026, 3:44pm UTC](https://gov.ethenafoundation.com/t/musd-as-a-usde-backing-asset/812 "2026-07-23T15:44:14Z")
This report evaluates MetaMask USD (mUSD) for inclusion in Ethena’s USDe backing, and specifically the proposed structure in which Ethena would hold mUSD and supply it into the Aave v3.7 instance on Monad to earn yield. … --- ## [Reserve Fund Application by Backed](https://gov.ethenafoundation.com/t/reserve-fund-application-by-backed/99)
**Author:** [@Backed](https://gov.ethenafoundation.com/u/Backed)\ **Replies:** 0\ **Last updated:** [August 12, 2024, 12:44pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-application-by-backed/99 "2024-08-12T12:44:39Z")
Applicant information 1. Name: Backed (the brand name of Backed Finance AG, parent company and tokenizer, and Backed Assets (JE) Limited, licensed securities issuer) 2. Key Information: Backed specializes in tokenizin… --- ## [OpenEden $TBILL Ethena Reserve Fund Allocation Application](https://gov.ethenafoundation.com/t/openeden-tbill-ethena-reserve-fund-allocation-application/67)
**Author:** [@alex\_openeden](https://gov.ethenafoundation.com/u/alex_openeden)\ **Replies:** 0\ **Last updated:** [July 29, 2024, 8:23am UTC](https://gov.ethenafoundation.com/t/openeden-tbill-ethena-reserve-fund-allocation-application/67 "2024-07-29T08:23:02Z")
Applicant information 1. Applicant Information Entity Name: OpenEden Group Address (Headquarters): 1 Kim Seng Promenade #11-01 Great World City City, State, Postal Code: Singapore, 237994 Country: Singapore Website:… --- ## [Proposal: Ripple USD as USDe Backing Asset](https://gov.ethenafoundation.com/t/proposal-ripple-usd-as-usde-backing-asset/789)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [May 20, 2026, 10:15am UTC](https://gov.ethenafoundation.com/t/proposal-ripple-usd-as-usde-backing-asset/789 "2026-05-20T10:15:47Z")
Executive summary This report evaluates RLUSD’s eligibility as a component of Ethena’s USDe backing asset portfolio. RLUSD is a U.S. dollar denominated stablecoin issued by Standard Custody & Trust Company, LLC (“SCTC”)… --- ## [Publication of MiCAR-Compliant White Paper for the ENA Token](https://gov.ethenafoundation.com/t/publication-of-micar-compliant-white-paper-for-the-ena-token/728)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 0\ **Last updated:** [December 10, 2025, 1:13am UTC](https://gov.ethenafoundation.com/t/publication-of-micar-compliant-white-paper-for-the-ena-token/728 "2025-12-10T01:13:58Z")
Ethena OpCo announces the publication of the MiCAR-compliant White Paper for the ENA token. The full White Paper may be accessed here: \[link\] --- ## [Ethena Backing Asset Framework](https://gov.ethenafoundation.com/t/ethena-backing-asset-framework/683)
**Author:** [@quntangled](https://gov.ethenafoundation.com/u/quntangled)\ **Replies:** 0\ **Last updated:** [August 22, 2025, 8:30am UTC](https://gov.ethenafoundation.com/t/ethena-backing-asset-framework/683 "2025-08-22T08:30:18Z")
Introduction The Ethena Risk Committee presents the Eligible Asset Framework, which represents a new approach to eligible backing assets specifically for the perpetual futures portion of the backing of USDe. The Committe… --- ## [Ethena Allocation Assessment: Backing assets into Morpho (Steakhouse Vaults)](https://gov.ethenafoundation.com/t/ethena-allocation-assessment-backing-assets-into-morpho-steakhouse-vaults/684)
**Author:** [@muntangled](https://gov.ethenafoundation.com/u/muntangled)\ **Replies:** 1\ **Last updated:** [August 26, 2025, 8:23am UTC](https://gov.ethenafoundation.com/t/ethena-allocation-assessment-backing-assets-into-morpho-steakhouse-vaults/684 "2025-08-26T08:23:55Z")
This analysis was conducted by Blockworks Advisory and Untangled. Overview This document provides a quantitative framework to assess the allocation of USDTb and USDT from USDe’s backing into Morpho vaults, specifically … --- ## [Ethena's August 2025 Governance Update](https://gov.ethenafoundation.com/t/ethenas-august-2025-governance-update/689)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [September 4, 2025, 7:59am UTC](https://gov.ethenafoundation.com/t/ethenas-august-2025-governance-update/689 "2025-09-04T07:59:31Z")
Ethena Governance Report: August 2025 Welcome to the latest installment of Ethena’s monthly governance update, covering all major developments in August 2025. This report highlights significant protocol growth, key risk … --- ## [Ethena’s March and April 2026 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-march-and-april-2026-governance-update/791)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 0\ **Last updated:** [May 28, 2026, 2:12pm UTC](https://gov.ethenafoundation.com/t/ethena-s-march-and-april-2026-governance-update/791 "2026-05-28T14:12:11Z")
Ethena’s March and April 2026 Governance Update Prepared by Kairos Research This is the combined March and April installment of Ethena’s monthly governance report. Two months defined by structural change: the activation… --- ## [Proposal: JAAA as USDe Backing Asset](https://gov.ethenafoundation.com/t/proposal-jaaa-as-usde-backing-asset/797)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 1\ **Last updated:** [June 7, 2026, 11:02pm UTC](https://gov.ethenafoundation.com/t/proposal-jaaa-as-usde-backing-asset/797 "2026-06-07T23:02:25Z")
Executive summary The Janus Henderson Anemoy AAA CLO Fund (JAAA) receives an eligible determination under the Blockworks Advisory adapted RWA Eligible Asset Framework. Holder concentration in the tokenized wrapper is el… --- ## [Ethena's May 2026 Governance Update](https://gov.ethenafoundation.com/t/ethenas-may-2026-governance-update/796)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [June 5, 2026, 10:45am UTC](https://gov.ethenafoundation.com/t/ethenas-may-2026-governance-update/796 "2026-06-05T10:45:06Z")
Welcome to Ethena’s monthly governance update for May 2026, covering all major developments across the month. This report highlights the continued supply recovery following the April rsETH incident, the Risk Committee’s … --- ## [Evaluation: STAC as USDe Backing Asset](https://gov.ethenafoundation.com/t/evaluation-stac-as-usde-backing-asset/799)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 1\ **Last updated:** [June 12, 2026, 2:52pm UTC](https://gov.ethenafoundation.com/t/evaluation-stac-as-usde-backing-asset/799 "2026-06-12T14:52:31Z")
STAC vs JAAA: Tokenized AAA CLO Fund Comparison Summary Ethena is evaluating STAC, the Securitize Tokenized AAA CLO Fund, as collateral. JAAA, the Janus Henderson Anemoy AAA CLO Fund held through the Centrifuge vehicle, … --- ## [Proposal: Lending USDe Backing Assets into Kamino and Jupiter on Solana](https://gov.ethenafoundation.com/t/proposal-lending-usde-backing-assets-into-kamino-and-jupiter-on-solana/785)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 0\ **Last updated:** [May 12, 2026, 9:09am UTC](https://gov.ethenafoundation.com/t/proposal-lending-usde-backing-assets-into-kamino-and-jupiter-on-solana/785 "2026-05-12T09:09:29Z")
Lending USDe Backing Assets into Kamino and Jupiter on Solana Lending USDe Backing Assets into Kamino and Jupiter on Solana Risk Assessment of the Proposed Isolated Instances Prepared by: Kairos Research For: Ethena Ris… --- ## [USDG as a USDe Backing Asset](https://gov.ethenafoundation.com/t/usdg-as-a-usde-backing-asset/782)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [May 7, 2026, 4:23pm UTC](https://gov.ethenafoundation.com/t/usdg-as-a-usde-backing-asset/782 "2026-05-07T16:23:56Z")
Summary LlamaRisk supports the onboarding of USDG as a backing asset for USDe. USDG (Global Dollar) is a fiat-backed, non-yield-bearing USD stablecoin issued by Paxos Digital Singapore Pte. Ltd. (PDS) under the Monetary… --- ## [Review of the L2 USDe PSM Proposal](https://gov.ethenafoundation.com/t/review-of-the-l2-usde-psm-proposal/810)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 1\ **Last updated:** [July 22, 2026, 3:51pm UTC](https://gov.ethenafoundation.com/t/review-of-the-l2-usde-psm-proposal/810 "2026-07-22T15:51:43Z")
Kairos Research: Review of the L2 USDe PSM Proposal Prepared by Kairos Research for the Ethena Risk Committee. Onchain state verified as of July 15, 2026, and updated for the Guardian security review and subsequent clari… --- ## [Proposal: Asset allocation to Morpho Midnight](https://gov.ethenafoundation.com/t/proposal-asset-allocation-to-morpho-midnight/848)
**Author:** [@OAKResearch](https://gov.ethenafoundation.com/u/OAKResearch)\ **Replies:** 1\ **Last updated:** [October 8, 2026, 8:53am UTC](https://gov.ethenafoundation.com/t/proposal-asset-allocation-to-morpho-midnight/848 "2026-10-08T08:53:53Z")
Protocol Background & collateral evaluation Morpho Midnight Morpho Midnight is a noncustodial protocol for fixed-rate, fixed-maturity lending. It publicly launched on 21 July 2026, initially supporting USDC loans against… --- ## [ Reserve Fund Subcommittee November 2025 Update](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-november-2025-update/727)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [December 9, 2025, 2:50pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-november-2025-update/727 "2025-12-09T14:50:03Z")
Summary This analysis is presented by LlamaRisk and Blockworks Advisory, members of the Risk Committee leading risk recommendations on the Reserve Fund. We will periodically re-evaluate the fund’s size based on market co… --- ## [LlamaRisk | Legal Review of FalconX Credit Agreement](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-falconx-credit-agreement/822)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [August 4, 2026, 8:16pm UTC](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-falconx-credit-agreement/822 "2026-08-04T20:16:57Z")
Summary LlamaRisk has conducted a legal review of the Credit Agreement governing Ethena’s reserve-backing asset deployment to FalconX International Lending Opportunities SPC, acting for the account of its segregated port… --- ## [Proposal: Backing Asset Allocation to Aave V4](https://gov.ethenafoundation.com/t/proposal-backing-asset-allocation-to-aave-v4/802)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [June 18, 2026, 7:05pm UTC](https://gov.ethenafoundation.com/t/proposal-backing-asset-allocation-to-aave-v4/802 "2026-06-18T19:05:05Z")
Executive summary Of five Ethena Spoke stablecoins assessed across a 26-day dataset, only USDT at 91% utilization clears the 4.75% minimum allocation return threshold, with protocol-wide supply APY of 0.93%, which is 38… --- ## [GHO and sGHO as Eligible Backing Assets for USDe](https://gov.ethenafoundation.com/t/gho-and-sgho-as-eligible-backing-assets-for-usde/847)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 1\ **Last updated:** [October 6, 2026, 2:28pm UTC](https://gov.ethenafoundation.com/t/gho-and-sgho-as-eligible-backing-assets-for-usde/847 "2026-10-06T14:28:49Z")
GHO and sGHO as Backing Assets for USDe Kairos Research, for the Ethena Risk Committee. Onchain state read September 8th 2026 unless stated otherwise. Sources, contracts, methodology, and verification status are set out … --- ## [Reserve Fund diversification considerations and STBT (Matrixdock)](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-stbt-matrixdock/83)
**Author:** [@stB3n](https://gov.ethenafoundation.com/u/stB3n)\ **Replies:** 0\ **Last updated:** [August 5, 2024, 11:25am UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-stbt-matrixdock/83 "2024-08-05T11:25:52Z")
Applicant information 1. Name: Matrixdock STBT 2. Key Information: Key Product Information Short-term Treasury Bill Token (STBT) is designed for accredited investors seeking US treasury yields with their stablecoin h… --- ## [LlamaRisk | Legal Review of Payward MLA](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-payward-mla/813)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [July 23, 2026, 3:53pm UTC](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-payward-mla/813 "2026-07-23T15:53:44Z")
Summary LlamaRisk has conducted a legal review of the Master Loan Agreement governing Ethena’s reserve-backing asset deployment to Payward Trading Limited (an institutional entity within the Payward / Kraken group). Sco… --- ## [LlamaRisk | MLA Review Criteria for Ethena Institutional Lending Partners](https://gov.ethenafoundation.com/t/llamarisk-mla-review-criteria-for-ethena-institutional-lending-partners/776)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [April 14, 2026, 11:09am UTC](https://gov.ethenafoundation.com/t/llamarisk-mla-review-criteria-for-ethena-institutional-lending-partners/776 "2026-04-14T11:09:09Z")
Purpose LlamaRisk acts as legal reviewer for the Master Loan Agreements (“MLAs”) through which Ethena (BVI) Limited deploys reserve-backing assets to institutional lending counterparties. This note describes the criteria… --- ## [Ethena’s July - September 2026 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-july-september-2026-governance-update/857)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [October 13, 2026, 8:22am UTC](https://gov.ethenafoundation.com/t/ethena-s-july-september-2026-governance-update/857 "2026-10-13T08:22:25Z")
Welcome to Ethena’s governance update for July to September 2026, covering all major developments across the third quarter. This report highlights the July supply contraction and the subsequent recovery to $4.9B by quart… [Previous page](https://gov.ethenafoundation.com/top.md?per_page=50)