Ethena
Digital dollars for the internet economy
Ethena Protocol issues USDe, a synthetic dollar that keeps its peg by pairing spot crypto collateral with offsetting short derivatives positions. Users can stake USDe to receive sUSDe, a savings asset that accrues protocol revenue over time. The protocol also integrates USDtb, a dollar token backed by tokenized short-duration treasury funds, as a reserve asset. A stablecoin-as-a-service offering lets other businesses launch their own branded stablecoins on the same issuance and liquidity infrastructure.