Ethena is a decentralized finance protocol known for its stablecoin, USDe, which maintains a $1 peg through delta-neutral hedging.
| Product | Backing | Status | Market cap |
|---|---|---|---|
| USDEUSDe | Crypto Backed | Active | $4.5B |
| SUSDEStaked USDe | Crypto Backed | Active | $1.2B |
| Legal name | Ethena Labs |
| Founded | 2023 |
| Stage | DAO |
| Ticker | ENA |
| CEO | Guy Young |
| Founders | Guy Young |
| Funding rounds | Round Seed · Amount $6M · Year 2023 · Investors: Dragonfly, Deribit, Bybit, OKX, Gemini, Huobi, MaelstromRound Strategic · Amount $14M · Year 2024 · Investors: Dragonfly, Maelstrom, Brevan Howard Digital, Franklin Templeton, Galaxy Digital, Hashed, Castle Island Ventures |
| Website | https://ethena.fi |
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.