Ethena USDe (USDe)

Coinbase x Ethena launching Steakhouse.

Savings product powered by $USDe for their 100M users.

That's real distribution.

Tokenization, week in review:

> Visa advanced stablecoins & tokenized deposits from pilot -> roadmap @ its Payments Forum, citing a ~$7b annualized stablecoin settlement run rate + 160+ linked card programs.
-Why I care: Tokenized deposits are the version instis can underwrite @ scale.. credit committees already model bank liabilities w/ existing rules. Pure stablecoins require DD on nonbank reserves // cross jurisdictional risk, which is a heavier lift for conservative capital. Visa prioritizes the bank native path bc it clears approvals & thus drives vol.
> Janus Henderson ($480b AUM) took a strategic ENA stake, committed treasury cash to USDe, & routed its AAA-rated JAAA CLOs into reserves, w/ a joint ETP target for latter half of 2026.
-Why I care: token stake is minor imo; the more interesting piece is reserve integration as high quality CLO collateral may reduce reliance on procyclical funding carry... & the even bigger win is distribution thru a $480b network. I see the ETP as optionality
> Securitize cleared SEC effectiveness for its Cantor SPAC merger & will list publicly as SECZ (pending the 6/29 vote).
-Why I care: As its own SEC-registered transfer agent, Securitize is tokenizing its equity on its own infra… the listing proves it works.