# 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. This structure is designed around capital efficiency, sustained ecosystem rewards, resilience through varying market conditions, and infrastructure that captures multiple sources of dollar returns.

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. Ethena is also involved in building a settlement layer network designed around its digital dollar assets and tokenized securities. 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 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. (Stablecoin Issuer, Live, Main Product)
- [Converge](https://thegrid.id/profiles/Ethena): Converge is a blockchain settlement layer for traditional finance and digital dollars, enabling tokenized asset issuance and institutional-grade financial applications. The platform features sub-second block times through an Ethereum rollup architecture and uses USDe and other digital dollar assets, including USDtb, as native gas tokens. It is designed as a shared issuance hub for tokenized products from Ethena and partner asset managers, supporting permissioned and permissionless lending, tokenized funds, and other onchain finance applications. (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 issued by Anchorage Digital Bank under a GENIUS Act compliant structure, developed in partnership with Ethena Labs. It is used for payments, collateral in DeFi protocols, and margin trading on centralized exchanges, with reserves held in short-duration treasury assets including BlackRock's BUIDL tokenized fund. It serves as a reserve asset for Ethena's synthetic dollar USDe, allowing the protocol to reallocate backing during periods of negative funding rates to reduce risk exposure. (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, implemented as an ERC-4626 vault. 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, structured as an ERC-4626 vault token. 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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