Ethena and Janus Henderson team up on USDe and ENA

On June 9, 2026, decentralized finance protocol Ethena announced a wide-ranging partnership with global asset manager Janus Henderson, marking a significant step in the convergence of traditional finance and digital assets. The agreement includes a strategic investment by Janus Henderson into Ethena’s governance token, ENA, and plans to integrate a tokenized corporate credit product into the backing of Ethena’s synthetic dollar, USDe.

Under the deal, Janus Henderson, which oversees approximately $480 billion in assets, will allocate a portion of its treasury cash management into USDe, including its staked version, sUSDe. The firm will also explore distributing USDe to its institutional client base through exchange-traded instruments such as ETFs or ETPs, with launches targeted for the second half of 2026 pending regulatory approvals. In return, Ethena will allocate part of USDe’s reserve assets into Janus Henderson’s JAAA strategy, a tokenized fund of AAA-rated collateralized loan obligations (CLOs) built on the Centrifuge platform. Ethena’s risk committee approved JAAA as an eligible reserve asset earlier in June, capping a single position at roughly $310 million.