Strata joins the Ethena Network to develop structured financial products using sUSDe and real-world assets.
The protocol enables risk tranching for investors seeking tailored exposure to Ethena-based yield assets.

What if stablecoins, often considered boring, were instead used as the foundation for flexible, reconfigurable financial products that could be tailored to users’ risk appetites? That’s what Strata—a new protocol recently announced as part of the Ethena network—is working on.

Ethena Labs announced its official support for Strata as the newest protocol in their ecosystem. But more than just a complement, Strata is immediately stepping up to build a risk tranching system and structured financial products on top of sUSDe, other Ethena assets, and real-world assets (RWA).

This means stablecoins like sUSDe can now be upgraded—not just as a store of value, but also as the foundation for customizable investment instruments.

Excited to support @strata_money as the latest Ethena-centric protocol part of the Ethena Network

Strata is building composable risk tranching & structured products on top of sUSDe, other Ethena assets, and RWAs

Starting today, sENA will receive Strata rewards https://t.co/NeSXdNrI2v pic.twitter.com/mgBcQ82A6z

— Ethena Labs (@ethena_labs) July 11, 2025

Strata Unlocks sUSDe’s Yield Power for Layered Crypto Products

The tranching concept offered by Strata is nothing new in the traditional financial world. But in the crypto world, it could be a game-changer. Through this mechanism, investors can choose the most appropriate “layer” of risk and potential return. Want something safe? It’s here. Want something challenging but with the potential for big returns? There’s also something for everyone.

What’s interesting is that all of these products are built around sUSDe—Ethena’s stablecoin, previously known for its sophisticated strategies in the perpetual futures market. sUSDe already generates yield, and now, through Strata, its functionality can be expanded to include components in products like tokenized bonds, on-chain mutual funds, and even real-asset-based blended yield strategies.

However, this isn’t Ethena’s only effort to expand its utility network. In May, Ethena began integrating its crypto savings with major wallets on the TON network, including one accessible directly through Telegram. This allows anyone to stake sUSDe without the hassle of using a bridge or switching to a centralized exchange.

A month earlier, they partnered with Alchemy Pay, enabling direct purchases of USDe and ENA using Visa, Mastercard, and other fiat methods—without the need for wallet transfers or logging into a CEX.

Regulatory Pivot: Ethena Prepares Global Move After EU Redemption Plan

On the other hand, the CNF highlighted the move by Ethena and the German regulator, BaFin, to approve the USDe redemption plan 42 days before Ethena’s withdrawal from the European market.

BaFin even lifted its ban previously issued in March, paving the way for the dissolution of Ethena GmbH and the transfer of claims to an offshore entity. In this context, Ethena appears to be reorganizing and restructuring its business to gain greater flexibility in the global market.

Meanwhile, on the market, ENA—Ethena’s native token—has attracted widespread attention. On July 11, ENA surged 19% after being listed on Upbit, South Korea’s largest exchange. Although it subsequently corrected due to profit-taking, the token still recorded a 31% weekly increase. Transaction volume also exploded—from $1.07 billion to $1.9 billion in just 24 hours.

Furthermore, ENA has now been added to Grayscale’s “Assets Under Consideration” list. This listing is usually an early signal that a large institution is eyeing the asset. It’s not just sentiment, but also validation that the project has long-term value.

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Filed under: Bitcoin - @ July 12, 2025 8:00 am