Ethena
Ethena is a decentralized finance protocol known for its stablecoin, USDe, which maintains a $1 peg through delta-neutral hedging.
Products
USDe is a synthetic stablecoin by Ethena, maintaining a 1:1 peg with the U.S. dollar using a delta-neutral derivatives strategy.
Staked USDe (sUSDe) is a yield-bearing stablecoin by Ethena, offering returns from staking rewards and funding rates.
Overview
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.
Regulatory Status
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.
Key Products
Ethena's main stablecoin products include USDe, a synthetic dollar, and USDtb, backed by BlackRock's BUIDL tokenized Treasury fund.