I noticed that Ethena is making some interesting adjustments to the USDE portfolio. They reduced exposure to Perp from 90% to 88% in Treasury bonds over a quarter, and the supply has decreased significantly. We saw $15 bi in circulation, now it's closer to $3.8 billion.

What stands out is that the USDE yield remains attractive, around 3.5%. Meanwhile, the total volume of stablecoins in the market reached $298 bi in February, so Ethena is operating in a very dynamic environment. The competition is fierce: Uniswap V3 managed to surpass Aerodrome in fees without incentives, showing how the DEX market is evolving.

For those following Ethena, these movements suggest a more conservative strategy, but still maintaining interesting returns. The reduction in leverage could be a sign that they are prioritizing stability. It's worth keeping an eye on how this impacts Ethena's competitiveness in the stablecoin market.