Ethena has adjusted its strategy for USDe, moving away from its previous high-yield derivatives model. New data reveals that DeFi lending now constitutes 47.7% of USDe's backing, equivalent to approximately $2 billion, while liquid stablecoins account for 52.7%. This marks a significant shift from Ethena's initial approach, which focused on capturing funding-rate yields through a delta-neutral strategy. The protocol's current reserve data indicates a focus on stability, with a backing ratio of 101.55% and total reserves of $4.51 billion against a USDe supply of $4.45 billion. Ethena's transparency efforts include collaborations with firms like Chainlink and Kraken, aiming to differentiate itself from failed algorithmic stablecoin projects. This strategic pivot suggests Ethena is prioritizing stability over aggressive yields, adapting to current market conditions.