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Decentralized finance protocol Ethena will allocate $46 million of its Reserve Fund in various tokenized real-world assets.
Ethena (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ethena/">ENA</a>) <a href="https://x.com/ethena_labs/status/1844344787538936168" target="_blank" rel="noopener noreferrer nofollow">announced</a> the decision on Oct. 10, revealing the fund’s allocations, which include BlackRock’s tokenized fund BlackRock USD Institutional Digital Liquidity, Mountain Protocol’s yield-bearing stablecoin, the Superstate Short Duration U.S. Government Securities Fund, and Sky’s new stablecoin USDS.
According to Ethena, the four assets were selected based on their potential in the real-world assets market. Criteria for selection included product maturity, assets under management or total value locked, liquidity, redemption time, legal design, and risk-adjusted yield.
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<h2 class="wp-block-heading" id="ethena-s-reserve-fund-rwa-allocations">Ethena’s Reserve Fund RWA allocations</h2>
The choice of BlackRock’s fund, Superstate’s government debt fund, Mountain Protocol’s stablecoin, and Sky’s stablecoin came after careful consideration by Ethena’s risk committee. The five-member group with voting rights includes individuals from Gauntlet, Block Analitica, Steakhouse, Llama Risk, and Blockworks Advisory.
Ethena had announced plans for the real-world asset-backed reserve fund in July, with the proposal attracting 25 issuers from across the market. The committee selected these four from the pool of applicants.
In the details shared in a <a href="https://gov.ethenafoundation.com/t/rwa-reserve-fund-allocation-winners/235" target="_blank" rel="noopener noreferrer nofollow">blog post</a>, Ethena has outlined the following allocations: 40%, or approximately $18 million, into BlackRock’s fund; 29%, or roughly $13 million, into Sky’s stablecoin; 16.5%, or $8 million, into Mountain Protocol’s stablecoin; and 14.5%, or $7 million, into Superstate’s tokenized U.S. government debt fund.
Once the committee finalizes the allocations, they will be responsible for monitoring the assets and providing regular updates.
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Ethena to invest $46m reserve fund in tokenized assets

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