ArkStream Capital has announced an increased investment in Ethena, citing the growing role of "yield dollars" as a foundational settlement fuel. This development elevates USDe's network effect from a financial primitive to a transaction routing and accounting unit. Ethena is positioned to capitalize on high-value services such as RWA issuance, institutional settlement, and market-making collateral following stablecoin adoption. The USDe framework relies on a basis/funding rate model, which may face yield compression or temporary inversion during extreme market conditions. Ethena mitigates these risks through multi-exchange operations, diversified counterparties, and dynamic hedging parameters.