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Ethena

Ethena is a decentralized finance protocol known for its stablecoin, USDe, which maintains a $1 peg through delta-neutral hedging.

Founded2023
CEOGuy Young
StageDAO
FoundersGuy Young
Websiteethena.fi ↗
X@ethena_labs ↗
LinkedInethena-labs ↗
GitHub@ethena-labs ↗

Products

USDe active $4.3B
USDe
Crypto Backed

USDe is a synthetic stablecoin by Ethena, maintaining a 1:1 peg with the U.S. dollar using a delta-neutral derivatives strategy.
sUSDe active $1.4B
Staked USDe
Crypto Backed

Staked USDe (sUSDe) is a yield-bearing stablecoin by Ethena, offering returns from staking rewards and funding rates.

Ethena is a decentralized finance (DeFi) protocol that operates without a centralized headquarters or traditional executive roles. It is known for its stablecoin, USDe, which is designed to maintain its $1 peg through delta-neutral hedging using crypto spot and perpetual markets.

In October 2025, Ethena transitioned USDtb to Anchorage Digital, making it the first stablecoin issued under U.S. federal oversight and in compliance with the GENIUS Act.

Funding

RoundAmountYear
Seed$6M2023
Strategic$14M2024

Frequently Asked Questions

What stablecoins does Ethena issue?
Ethena issues USDe, a synthetic dollar built on Ethereum, and sUSDe, the staked version of USDe. USDe is Ethena's primary product, with USDe market capitalization of $4.3B as of 4 September 2026.
How is USDe backed?
Ethena describes USDe as backed through delta-hedged Bitcoin, Ethereum and other governance-approved spot assets, alongside liquid stablecoins such as USDC and USDT. The hedge uses perpetual and deliverable futures contracts to target dollar exposure rather than relying only on bank deposits or Treasury bills.
What is the difference between USDe and sUSDe?
USDe is Ethena's synthetic dollar, while sUSDe is received when users stake USDe in the StakedUSDe smart contract. Ethena states that additional USDe is transferred into the staking contract over time as rewards, so sUSDe represents a reward-accruing position rather than a separate fiat reserve token.
What are the main risks of USDe?
Ethena publishes a risk section that identifies funding risk, liquidation risk, custodial risk, exchange failure risk, backing asset risk and stablecoin-related risk. Those risks arise because USDe depends on hedging, collateral custody and derivatives-market functioning rather than a simple cash-reserve model.

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