# Ethena

> Digital dollars for the internet economy

Ethena is a synthetic dollar protocol that issues USDe and its staked savings asset sUSDe. It offers internet-native dollar exposure and yield to users and platforms across decentralized and centralized venues.

Ethena is a synthetic dollar protocol that issues USDe, a crypto-backed digital dollar, alongside sUSDe, a savings asset created by staking USDe. The protocol backs USDe with a diversified portfolio of collateral and hedges price risk through offsetting derivative positions, allowing the asset to remain productive while tracking a dollar value. Ethena is built for holders seeking a globally accessible, yield-bearing dollar instrument, as well as platforms seeking to integrate a capital-efficient digital dollar.

The protocol addresses the challenge of generating consistent dollar-denominated returns from crypto and non-crypto sources without relying on the large collateral buffers typical of other decentralized stablecoin designs. Revenue is drawn from a mix of funding rate strategies, lending markets, and tokenized real-world assets, with allocations adjusted over time under governance and risk oversight.

Beyond its core USDe and sUSDe assets, Ethena's offering includes USDtb, a stablecoin backed by tokenized short-duration treasury assets, and Ethena Whitelabel, an infrastructure service that lets other platforms launch their own branded stablecoins backed by USDe, USDtb, and other reserve assets. The protocol is used by decentralized finance platforms, centralized exchanges, custodians, and institutions seeking exposure to a synthetic dollar and its associated yield.

- Type: Protocol
- Sector: DeFi
- Status: Active
- Founded: 2023-03-01
- Profile: https://thegrid.id/profiles/Ethena

## Products

- [Ethena Protocol](https://thegrid.id/profiles/Ethena): 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. (Stablecoin Issuer, Live, Main Product)
- [Converge](https://thegrid.id/profiles/Ethena): Converge is a settlement layer for traditional finance and digital dollars, built for tokenized asset issuance and institutional financial applications. It is a blockchain network designed for fast block times, with USDe, USDtb, and other digital dollar assets usable as gas tokens. It is positioned as a shared issuance hub for tokenized products from Ethena and partner asset managers. (L1, In Development)

## Assets

- [USDe (USDe)](https://thegrid.id/profiles/Ethena): USDe is a synthetic dollar stablecoin issued by Ethena Protocol. It is used as collateral in DeFi applications and for earning yield through staking. The protocol maintains the dollar peg by holding spot crypto assets as collateral while taking offsetting short positions in derivatives markets, creating a market-neutral position that allows USDe to capture funding rate yields without directional price exposure. (Stablecoin)
- [USDtb (USDtb)](https://thegrid.id/profiles/Ethena): USDtb is a USD-pegged stablecoin developed with Ethena Labs and issued by a regulated bank. It is used for payments, DeFi collateral, and margin trading on centralized exchanges, with reserves held in short-duration treasury assets including a tokenized treasury fund. It serves as a reserve asset for USDe, letting the protocol reallocate backing when funding rates turn negative. (Stablecoin)
- [Ethena (ENA)](https://thegrid.id/profiles/Ethena): ENA is the governance token of the Ethena protocol. It is used to vote on protocol decisions including risk management frameworks, collateral policies, and committee elections. Holders can stake ENA to receive sENA, which accrues value through ecosystem airdrops and protocol revenue sharing, aligning long-term participants with the growth of USDe, a synthetic dollar maintained through delta-neutral hedging of crypto collateral against derivatives positions. (Governance)
- [Staked USDe (sUSDe)](https://thegrid.id/profiles/Ethena): sUSDe is a liquid staking token representing staked USDe in the Ethena protocol. It is used to earn protocol revenue from funding rates on derivatives positions and staking rewards from backing assets. The token's value increases over time relative to USDe as rewards accumulate within the staking contract, allowing holders to maintain liquidity and composability in DeFi while accruing yield. (Liquid Staking Tokens (LSTs))
- [Staked ENA (sENA)](https://thegrid.id/profiles/Ethena): sENA is a staked-ENA receipt token issued by the Ethena protocol. It is obtained by staking ENA and is used within DeFi applications while accruing ENA-denominated rewards and receiving the protocol's highest reward campaign multiplier. Unlike liquid ENA, sENA aligns holders with long-term protocol participation by linking rewards to staking duration rather than market speculation. (Liquid Staking Tokens (LSTs))

## Links

- [Main](https://ethena.fi)
- [Documentation](https://docs.ethena.fi)
- [Governance](https://gov.ethenafoundation.com)
- [Blog](https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341)
- [Media Kit/branding](https://www.figma.com/design/AdCHQOZ2xVf4KjWLtjMpLe/USDtb-Media-Assets?node-id=0-1&p=f&t=EMnF9YT89C6QMALE-0)
- [Terms of Service](https://docs.ethena.fi/resources/terms-of-service)
- [Privacy policy](https://docs.ethena.fi/resources/privacy-policy)
- [GitHub](https://github.com/ethena-labs)
- [Telegram](https://t.me/ethena_labs)
- [Twitter / X](https://x.com/ethena)
- [LinkedIn](https://www.linkedin.com/company/ethena-labs)
- [Twitter / X](https://x.com/convergeonchain)

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