For your reference, looking at Ethena's APY:
The current sUSDe APY is 4.56%
30-day average is 6.49%
However, the average funding rate on 10/5 was:
BTC 10.41%
ETH 9.39%
This means the sUSDe APY will likely rise to at least the 8% range soon.
Since Ethena is large-scale, when the APY increases, there will be some corresponding price/implied APY fluctuations in the Pendle Pool.
If this is combined with Plasma, I believe sUSDe will see an effect where both the YT price and the final APY increase.
@ethena_labs
However, I don't quite understand why they're just holding $9.1B of liquid stables, not generating any yield.
If it's in a form of other stables that generates yield, it would be OK even if it's adding failure points
It might be the reason they need Ethereal & HyENA.
@gdog97_
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