Ethena USDe (USDe)

If you don't know where the yield comes from, you're the yield.

→ Ethena USDe: ~3.5% APY. Yield comes from funding rates, ETH staking, and treasury reserves.

→ Ondo USDY: ~3.5% APY. The yield is generated through a straight T-bill passthrough. Clean product, but its rate cut is exposed.

→ Theo thUSD: ~8.3% APR realized throughout 2025. Yield comes from gold futures basis trading and gold lending through thGOLD. Two structurally independent sources.

As you can see, most stablecoin yields rely on funding rates or Treasury yields (which drop when the Fed cuts).

The thing that separates thUSD from the rest is where the yield actually comes from:

- A delta-neutral gold futures basis trade (spot vs futures spread)
- Gold lending via thGOLD to retailers borrowing against physical inventory

This isn’t reserve income, and even during gold’s worst weekly drop in 43 years (March), thUSD's delta-neutral strategy kept generating yield. It's fully reserved, audited, and in institutional custody through the Standard

Kraken has enabled USDe rewards.

Users holding USDe on @krakenfx now earn 4.25% APY automatically.

The first US exchange to offer Ethena-powered savings. https://t.co/k8Ec4t9IHi