Ethena Risk Committee member Blockworks Advisory proposed including the equity-linked Spiko Amundi Overnight Swap Fund (SAFO) as backing for Ethena's synthetic dollar, USDe, with a cap of $1 billion by 2027. Currently, USDe's backing is $4.84 billion, making the proposed cap about 20.6% of total backing. SAFO is a tokenized fund under French law, primarily holding large-cap U.S. equities, managed by Amundi, with BNP Paribas as the swap counterparty. The proposal includes risk controls tied to BNP Paribas' credit default swap spreads to limit exposure. This move introduces a new fund-share backing route for USDe, distinct from prior tokenized U.S. stock strategies, aiming to support the token's dollar peg through derivatives and delta hedging.
Ethena Risk Committee's proposal to back USDe with up to $1 billion in SAFO is notable context for readers. For those following cryptocurrency markets, here is Pluang's snapshot as of Oct 28, 2026 05:03 WIB: out of 50 major cryptocurrencies priced on Pluang, 34 rose and 14 fell. Among movers, ZIL (Zilliqa) rose 2.28% to Rp36 with 82% buy orders and a typical hold time of 134 days, while FTM (Fantom) fell 2.05% to Rp11,382 with a hold time of 88 days, and CAKE (PancakeSwap) dropped 2.00% to Rp38,015 with 71% buy orders and a hold time of 75 days.
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