Ethena Risk Committee Member Proposes Up to $1 Billion in SAFO Backing for USDe
Photo: TokenPost
Blockworks Advisory, an Ethena Risk Committee member, proposed adding the equity-linked Spiko Amundi Overnight Swap Fund (SAFO) to the backing for Ethena’s synthetic dollar, USDe, with a $1 billion cap for 2027. Blockworks Advisory’s proposed limits are $500 million through Dec. 31, 2026, and $1 billion for 2027. USDe backing stood at $4.84 billion on Sept. 19, making the later ceiling about 20.6% of that total. SAFO is a tokenized subfund organized under French law, rather than a pool of Treasury bills. Amundi manages its portfolio, and a total-return swap exchanges the basket’s performance for an overnight-rate return.
Also reported by TronWeekly.
Source: TokenPost
