Ethena announced on June 6, 2026, that it is evaluating tokenized AAA-rated collateralized loan obligations (CLOs) as a new reserve asset for USDe, marking a significant shift in the protocol's diversification strategy. The initiative, which follows due diligence from LlamaRisk (a member of Ethena's Risk Committee), would allocate up to approximately $310 million per position to these instruments. The protocol is specifically targeting the Janus Henderson Anemoy AAA CLO Fund, issued through Centrifuge, as part of a broader effort to reduce USDe's dependence on crypto-native funding rates and stabilize yield generation across market cycles.