Risk Controls Tighten

Ethena’s recent move into equity collateral makes the 12% target more complex than a simple Treasury-backed stablecoin yield. The company may adjust terms, collateral haircuts, or redemption rules to avoid a confidence problem if users compare Earn+ to Anchor’s failed 20% UST yield.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.