Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb — the latter backed by BlackRock’s BUIDL tokenized fund. Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume. A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread. In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%. This spread represents an even larger opportunity as institutional capital moves on-chain. Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs — launching later this year.