3Jane unlocks >$1B liquidity
3Jane added Ethena assets (USDe, sUSDe, ENA) to its credit model, a move the firm says unlocks over $1 billion of liquidity with unsecured lines up to 30%. The change is a fintech product development that increases available capital for derivatives and credit usage tied to those stablecoin‑style assets. That kind of liquidity expansion matters for market participants building credit or treasury strategies that depend on programmatic access to short‑term funding. (x.com)
A crypto lender just said it can now let users borrow against Ethena positions without first selling them, and the headline number is big: more than $1 billion of additional liquidity tied to three Ethena assets. 3Jane says the new assets are USDe, staked USDe, and Ethena’s governance token, with unsecured credit lines reaching as high as 30%. (x.com) 3Jane is not a normal overcollateralized crypto lending app where you lock up $150 to borrow $100. Its own docs describe it as a credit-based money market on Ethereum that underwrites unsecured lines using verifiable crypto holdings, bank assets, future cash flows, and credit scores. (docs.3jane.xyz) That means 3Jane is trying to price a borrower the way a bank prices a business credit card, not the way a pawn shop prices a gold chain. The protocol says it combines onchain address scoring from Cred Protocol and Blockchain Bureau with offchain VantageScore 3.0 data delivered through zero-knowledge transport layer security, or zkTLS. (docs.3jane.xyz) The assets it just added come from Ethena, which runs a synthetic dollar system on Ethereum. Ethena’s docs say USDe is not a fiat-backed stablecoin like USD Coin or Tether, but a synthetic dollar backed by crypto assets plus short futures positions. (docs.ethena.fi) Staked USDe, written as sUSDe, is the version users get when they lock USDe to earn protocol rewards. Ethena says those rewards come from sources including funding collected on short perpetual futures positions, and it reported that sUSDe annual percentage yield averaged 19% in 2024. (docs.ethena.fi) The third asset, ENA, is not a dollar substitute at all. Ethena’s docs describe ENA as the governance token that votes on protocol decisions, including Risk Committee elections, so adding ENA to a credit model means 3Jane is underwriting not just a synthetic dollar and its yield version, but also the ecosystem’s equity-like token. (docs.ethena.fi) Why would someone want this instead of just selling the asset? Because selling USDe or sUSDe can interrupt a yield strategy, and selling ENA can cut exposure to governance or upside. A credit line lets a trader or treasury desk pull out United States dollar coin, or USDC, for margin, hedging, or working capital while keeping the original position on the books. (3jane.xyz) 3Jane’s homepage says its system can already see a long list of wallet positions, from staking and restaking to decentralized exchange liquidity pools, options pools, and real-world asset tokens. Adding Ethena assets into that model pushes more of a user’s balance sheet into the “borrowable” bucket instead of leaving it as idle collateral that only counts after a sale. (3jane.xyz) There is a catch in the fine print of what is being unlocked. Ethena says USDe’s stability depends on delta hedging with derivatives and that its risks are different from bank-backed stablecoins, so 3Jane is expanding credit against assets whose value and liquidity depend on both onchain markets and off-exchange hedging systems. (docs.ethena.fi ) That makes this less like adding cash to a credit file and more like adding a money-market fund, a structured note, and a stock from the same issuer all at once. If 3Jane can keep underwriting losses low while turning those positions into borrowable credit, it moves one more part of crypto from “sell to raise cash” toward “draw a line against the portfolio.” (docs.3jane.xyz)
