- Athena Labs proposes to add Solan’s SOL token as collateral for its USDe synthetic stablecoin, thereby diversifying the assets guaranteeing its stability.
- USDe maintains its parity with the dollar primarily through covered trades and active reserve management, unlike traditional stablecoins backed by fiat reserves.
- The proposal also includes the use of liquid staking tokens such as BNSOL and bbSOL, reflecting the growing trend in DeFi towards income-generating assets.
Athena Labs, the development team behind the synthetic stablecoin USDpresented a new proposal to its community: add a token COUNTRY from the Solana blockchain to his collateral mix.
If this proposal is approved, COUNTRY attach assets already used as collateral, such as bitcoin (BTC) and Ethereum (ETH), thereby enhancing the diversification of the treasury, which supports the stability of the USDe stablecoin.
USDe: a different approach to traditional stablecoins
USD stands out from traditional stablecoins like USDT Tether Or Circle’s USDCwhich are backed by fiat reserves held at a 1:1 ratio. On the contrary, USD is a synthetic stablecoin. Its parity with the US dollar is not maintained by fiat currency deposits, but through a set strategy including the use of collateralfrom covered shops (secured) and active reserve management to limit the risks of market fluctuations.
This innovative approach enables USD adapt to volatile market conditions by relying on firm reserves a futures positions with large open interest. This ensures that the value of the stablecoin remains stable even in an unstable financial environment.
Potential integration of SOL
PUSH current design from Athena Labs aims to include SOL among collateral assetsUSD. If approved by the risk committee, an entity independent of Athena Labs, SOL integration would be gradual with initial allocation of $100-200 million to SOL positions. This would represent around 5-10% of SOL’s open interest, following similar logic to USDe’s current exposure to Bitcoin (3% of total open interest) and Ethereum (9%).
Besides COUNTRYalso examines the proposal using liquid betting chips (LST) such as BNSOL and bbSOL, as well as what Athena is already doing with LST on Ethereum, which currently represent a third of its ETH allocation. This diversification would make it possible to optimize returns while maintaining the safety and liquidity of the secured assets.
DeFi trend towards tokenized real assets
Athena Labs it is not limited to digital assets to stabilize its stablecoin. In fact, the company recently allocated 46 million dollars from its reserve fund to investment in tokenized real assetsa thriving sector in decentralized finance.
These investments include products like BUIDL by BlackRock, Mountain USDM, USTB Superstate AND Sky USDS (formerly MakerDAO). This strategy is in line with a broader trend in the DeFi world where revenue-generating token-backed assets are playing an increasingly important role.
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