sUSDe is Ethena's staked synthetic dollar, backed by crypto assets and corresponding short derivatives for delta-neutrality. Stakers earn funding rates from perpetual markets while maintaining price stability.
How the strategy works
This is a max-APY yield loop: sUSDe is supplied as collateral and PYUSD is borrowed against it on Morpho, then recycled back into sUSDe to multiply the underlying Delta-Neutral Funding yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.