Ethena has formed a strategic partnership with Janus Henderson, a global asset manager with $480 billion in assets, to diversify USDe's reserve portfolio by integrating Janus Henderson's AAA-rated tokenized collateralized loan obligations (CLOs) capped at around $310 million. Janus Henderson also made a strategic investment in Ethena's governance token and plans to distribute USDe through regulated exchange-traded products aimed at institutional investors, targeting launches in the second half of 2026. This move adds high-quality real-world assets to USDe's crypto-native backing, enhancing credit credibility and reducing reliance on crypto market yields. The partnership reflects growing institutional interest in onchain dollars and tokenized real-world assets.
