11% of USDe backing in perps already tells you the product is becoming a multi-strat treasury, not just a funding-rate wrapper. Commodity and equity basis can juice carry when Binance gold perps averaged 24.6% funding in March, but once the reserve stack leans harder into Maple/Anchorage credit and AAA CLOs, recall speed and collateral enforcement become the peg-critical variables; March attestation only showed a $62M reserve fund against $5.921B supply. Maker went through this with the T-bill pivot: lower crypto beta, higher policy, custody, and legal beta.

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