Story perspectives

August 2025: Lending Markets Transform with New Collateral Options

9/19/2025

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Summary

Story summary

In August 2025, lending markets underwent notable changes, especially regarding collateral use.
USDe borrowing rates rose with the introduction of ENA DATs, as companies pursued DeFi yield strategies.
Institutional treasury allocations and opportunistic trades fueled ongoing demand for USDe.
Lending markets now accept tokenized U.S. Treasuries, commercial paper, and private credit claims as collateral.
This evolution allows borrowers to secure dollar-linked funding while diversifying lenders' yield streams.

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Story summary

In August 2025, lending markets underwent notable changes, especially regarding collateral use.
USDe borrowing rates rose with the introduction of ENA DATs, as companies pursued DeFi yield strategies.
Institutional treasury allocations and opportunistic trades fueled ongoing demand for USDe.
Lending markets now accept tokenized U.S. Treasuries, commercial paper, and private credit claims as collateral.
This evolution allows borrowers to secure dollar-linked funding while diversifying lenders' yield streams.