Ethena’s sUSDe has seen its TVL decline 5.6% over the past week, or roughly $114 million, alongside a drop in yield from 5.14% to 3.56%, according to third-party on-chain reporting surfaced in the supplied material. The same reports say liquidity has rotated toward lending venues including Maple, Sky and Aave.
The move coincides with lower funding rates in the basis trade that helps generate sUSDe yield. In the material provided, analysts link the drop to a reduced appetite for leveraged longs, which has compressed the return available on the strategy.
There's a big stablecoin liquidity rotation happening.@ethena has been losing capital all week:
→ sUSDe TVL down 5.6% (~$114M)
→ Yield dropped from 5.14% in December to 3.56% todayThe issue?
Ethena's yield comes from funding rates in perp markets. When demand for… pic.twitter.com/Co7mtQAtDJ
— Stacy Muur (@stacy_muur) May 6, 2026
Maple’s published commentary on Ethena and other yield sources supports the broader setup: it says sUSDe accrues yield from the difference between spot and perpetual futures on BTC and ETH, and that those funding rates are variable and tied to market sentiment. The same Maple write-up also notes that lower perp funding rates have recently reduced Ethena’s yield.
Alongside Ethena’s decline, the supplied material points to inflows into lending protocols. Maple, Sky and Aave are described as benefiting from the rotation, with the reporting citing double-digit TVL growth in those destinations. No single official Ethena announcement in the material confirms the TVL move, so the figures should be treated as on-chain reporting rather than a protocol statement.
Ethena vs other DeFi Lending Platforms
Separate StableSafe coverage in the provided Tavily content also places Ethena’s sUSDe yield below some competing DeFi lending options, while noting continued competition among low-risk stablecoin yield products. That context helps explain why capital may have moved toward alternative venues offering steadier returns.
For now, the confirmed picture is limited to a short-term decline in sUSDe TVL and yield, with reported liquidity rotation into lending protocols. The supplied sources do not confirm any protocol response from Ethena beyond the observed compression in returns.