Ethena

New York, USA · Founded 2024 · CEO: Guy Young · Private

Ethena is a decentralized finance protocol specializing in stablecoin solutions, including the USDe synthetic dollar.

Products

USDe active $5.9B
USDe Stablecoin
Synthetic

USDe is a synthetic stablecoin by Ethena Labs, pegged to the U.S. dollar using a delta-neutral hedging strategy.

Overview

Ethena is a decentralized finance (DeFi) protocol specializing in stablecoin solutions. Founded in 2024, it is headquartered in New York, USA, and led by CEO Guy Young. The company remains private and has attracted significant investments from key institutional investors.

Regulatory Status

In July 2025, Ethena partnered with Anchorage Digital to issue the USDtb stablecoin in the U.S. under the GENIUS Act, indicating compliance with new stablecoin regulations.

Key Products

Ethena's main stablecoin products include USDe, a synthetic dollar designed to maintain a $1 peg, and USDtb, a stablecoin backed by tokenized money market funds.