DeFi organization YAM has reported that $1.33 billion of the $4.4 billion in underlying assets supporting the stablecoin USDe is involved in 'self-lending'. According to YAM's calculations, this phenomenon occurs when loans are collateralized by USDe/sUSDe, with the estimated self-lending amount calculated as the total borrowing against these assets multiplied by Ethena's liquidity share in the market. Currently, the total borrowing against Ethena-related assets is approximately $1.67 billion, with $1.33 billion attributed to self-lending, while the remaining $336 million comes from other lenders.
YAM Identifies $1.33 Billion in Self-Lending within USDe Stablecoin Reserves
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