Ethena
Digital dollars for the internet economy
Ethena Protocol is a synthetic dollar issuance platform built on Ethereum that mints and manages USDe through delta-hedging strategies using crypto assets and derivatives positions. It maintains price stability by pairing spot collateral with offsetting short futures positions, and it integrates USDtb, a dollar token backed by tokenized short-duration treasury funds and issued by a separate regulated entity, as a reserve and backing asset alongside USDe. Users can stake USDe to receive sUSDe, a reward-accruing savings asset that increases in value as protocol revenue accrues. The protocol also operates a stablecoin-as-a-service offering that lets other businesses launch their own branded stablecoins backed by USDe, USDtb, and other reserve assets while drawing on the same issuance and liquidity infrastructure.