@sylvandream
During the last rate cuts in Q4'24 we saw funding benchmarks widen as a spread to tbills from ~0% to more than 20% in the space of a few weeks.
USDe supply doubled during that period of time.
If we do see funding go anywhere near there again now into an easing rate cycle we will see >$20b USDe supply in less than a month.
While I am biased, I think Ethena is the most levered asset on earth to falling interest rates.
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