Ethena Labs has announced the allocation of its $46 million tokenized real-world assets (RWA) fund. The Ethena Foundation's risk assessment committee selected four assets from a pool of 25. The largest portion, 40% or $18 million, will be invested in BlackRock and Securitize's USD Institutional Digital Liquidity token (BUIDL). An additional 29% or $13 million will go to Sky's USDS stablecoin. The remaining funds will be split between Mountain's USDM (16.5%) and Superstate's USTB (14.5%).

This allocation reflects growing interest in RWA tokens, with the sector's total value nearing $13 billion. Ethena's USDe stablecoin, which generates yield through BTC and ETH strategies, is expanding its revenue channels to include protocol revenues.