These changes reflect a materially improved underlying risk environment and are designed to enhance the long-term health, capital efficiency, and sustainability of both the senior and junior tranches. As a result, the risk premium required by Junior USDe is reduced, allowing a greater share of yield to flow to Senior USDe.Why Is It Required?Strata launched the USDe market on 13 October 2025, immediately following the 10/10 stress event — one of the largest volatility events for Ethena and the...