Ethena
Entity6 coinsAuditedEthena Labs issues USDe, a crypto-native synthetic dollar, and related products including sUSDe (yield), USDtb (Treasury-backed), and the ENA governance token.
Digital dollars for the internet economy.
Total supply
Latest data
USDe holders
Lifetime avg APY
Products
Member products
Coins under Ethena
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Main components (4)
USDe
Synthetic dollar pegged via delta-hedging BTC/ETH spot plus perp shorts and liquid stables. Mint/redeem is KYC-gated to market makers.
sUSDe
Staked USDe receipt token that accrues protocol revenue. Savings asset, not a separate pegged stablecoin.
USDtb
Treasury-backed dollar distinct from synthetic USDe, backed by short-term Treasuries / BUIDL exposure.
ENA
Governance token for Ethena protocol parameters and treasury.
Differentiator
USDe is a synthetic dollar backed by crypto collateral and short futures (delta-hedged), not bank deposits. It is a structured carry product rather than a fiat-backed coin.
Key facts
Curated off-chain facts with source + freshness.
Off-chain facts
- CustodyUpdated periodically
Backing assets are held with off-exchange settlement providers (e.g. Copper, Ceffu, Fireblocks); delta-neutral hedges run on centralized perp venues.
Ethena docs - Fee SwitchCuratedTheoretical
ENA governance can activate a fee switch sharing protocol revenue with sENA stakers once reserve-fund and USDe-supply thresholds are met.
Ethena - Reserve DiversificationCurated
USDtb diversifies reserves into BlackRock's BUIDL tokenized T-bill fund as a stable, non-hedged backing leg.
Ethena
Commonly asked questions
Is USDe fiat-backed?Key
No. USDe is synthetic: collateral plus delta-neutral hedging across CEX and DEX venues, not bank deposit reserves.
What is the USDe / sUSDe distinction?Key
USDe is the base synthetic dollar. sUSDe is the yield-bearing staked receipt that accrues protocol revenue, similar to USDai/sUSDai.
How is USDtb different from USDe?Key
USDtb is a Treasury-backed reserve dollar (BUIDL/Treasury exposure), while USDe uses crypto collateral and derivatives hedging.
Timeline & news
Key milestones in the entity's history.
Executed and Stated are sourced from the protocol. Theoretical and CanHav inferred items are forward-looking and not yet realized.
USDe mainnet launch
ExecutedEthena launches USDe, a delta-hedged synthetic dollar ('Internet Bond').
SourceENA token + Binance Launchpool airdrop
ExecutedENA governance token launches with a Binance Launchpool distribution.
SourceUSDtb launches (BUIDL-backed)
ExecutedEthena introduces USDtb, a Treasury-backed dollar using BlackRock's BUIDL as a non-hedged reserve leg distinct from synthetic USDe.
SourcesENA staking + iUSDe institutional wrapper
StatedStaked ENA (sENA) and the institutional iUSDe wrapper are introduced; the governance fee-switch framework is formalized.
SourceProtocol fee switch to sENA
TheoreticalRouting of protocol revenue to sENA stakers is governance-gated on risk-committee thresholds — not yet fully activated.
SourceOrganizational structure
Units & roles
- Operations
Ethena protocol multisigs
Dev multisig (5/11, contract params), sUSDe Payout Fund (3/11), Reserve Fund (4/10). Founder: Guy Young.
Tokenomics
Max supply
15.00B
Buyback policy
Governance-gated fee switch can route protocol revenue to sENA stakers (not a token buyback/burn).
Distribution
- 15B ENA max supply.
- sENA captures fee sharing (once enabled) plus airdrop-campaign multipliers.
Risks identified
- Collateral
Collateral and funding-rate risk: negative or volatile funding can compress carry and stress the hedging book.
- Reserve / Depeg
Depeg risk on USDe if hedges fail or venues become impaired (see SSRN delta-hedged stablecoin studies).
- Counterparty
Counterparty and venue risk on CEX/DEX hedging and custody partners.
- Smart Contract
Smart-contract risk across mint, stake, and payout modules.
- Regulatory
Regulatory risk: sUSDe is not offered in EU/EEA per protocol disclosures.
- Governance
Governance concentration via operational multisigs controlling parameters.
Investment rounds
| Date | Round | Amount | Investors | Link |
|---|---|---|---|---|
| Feb 2024 | Series A / strategic | ~$14M | Dragonfly (lead)Arthur HayesDeribitBybitOKXGeminiMaelstromMirana | Source |
Partnerships
Active partnerships
Coinbase
Jun 2026
Savings products integration and Coinbase Ventures ENA market purchase.
Bitwise + Jupiter + Fluid
May 2026
USDe Solana lending market deployment.
Similarity to traditional finance products
How Ethena maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Ethena | Key differences |
|---|---|---|
| Delta-hedged structured note / market-neutral carry | USDe resembles a delta-hedged note earning funding-rate carry on hedged crypto exposure. | On-chain mint/redeem with KYC-gated market makers rather than broker-dealer structured products. |
| Money-market share class | sUSDe resembles a yield share class on the base dollar. | Reward accrual via protocol revenue, not MMF NAV. |
| Tokenized Treasury reserve | USDtb maps to Treasury/MM-backed tokenized dollar exposure. | Distinct reserve stack from synthetic USDe. |
| Governance / equity token | ENA aligns with protocol governance equity. | On-chain DAO control via multisigs. |
Research agentERC-8004
A passkey-owned AI agent that lives on Ethena and answers from its stablecoins, tokens, and RWAs — with its own on-chain ERC-8004 identity.
Checking for your Ethena agent…
AI Agent Skill
Machine-readable protocol knowledge for agents
Ethena — Research Skill
Digital dollars for the internet economy.
ethena · v1.0.0
Facts
| category | Umbrella Entity |
| symbol | ENA |
| tagline | Digital dollars for the internet economy. |
| arbitrumNative | no |
| chains | Arbitrum One |
| security | audited (OZ-derived · reported audited (no public link)) |
| memberCoins | 6 (USDe, sUSDe, USDtb, ENA, sENA, iUSDe) |
| founded | 2024 |
| tvl | $5.60B |
| users | 117K |
| apr | 11.3% |
Sections
Overview
Ethena Labs issues USDe, a crypto-native synthetic dollar, and related products including sUSDe (yield), USDtb (Treasury-backed), and the ENA governance token.
What makes it different
USDe is a synthetic dollar backed by crypto collateral and short futures (delta-hedged), not bank deposits. It is a structured carry product rather than a fiat-backed coin.
Components
- USDe: Synthetic dollar pegged via delta-hedging BTC/ETH spot plus perp shorts and liquid stables. Mint/redeem is KYC-gated to market makers. - sUSDe: Staked USDe receipt token that accrues protocol revenue. Savings asset, not a separate pegged stablecoin. - USDtb: Treasury-backed dollar distinct from synthetic USDe, backed by short-term Treasuries / BUIDL exposure. - ENA: Governance token for Ethena protocol parameters and treasury.
Member coins
- USDe (USDe) — Stablecoin, Synthetic dollar (delta-hedged, not fiat-backed) - sUSDe (sUSDe) — Stablecoin, Yield-bearing staked USDe receipt - USDtb (USDtb) — Stablecoin, Treasury-backed dollar (distinct from USDe) - ENA (ENA) — Token, Governance token - sENA (sENA) — Token, Staked ENA — fee sharing + airdrop multipliers - iUSDe (iUSDe) — Token, Institutional TradFi-wrapped sUSDe (KYC-gated)
Risks
- Collateral: Collateral and funding-rate risk: negative or volatile funding can compress carry and stress the hedging book. - Reserve / Depeg: Depeg risk on USDe if hedges fail or venues become impaired (see SSRN delta-hedged stablecoin studies). - Counterparty: Counterparty and venue risk on CEX/DEX hedging and custody partners. - Smart Contract: Smart-contract risk across mint, stake, and payout modules. - Regulatory: Regulatory risk: sUSDe is not offered in EU/EEA per protocol disclosures. - Governance: Governance concentration via operational multisigs controlling parameters.
TradFi analogue
- Delta-hedged structured note / market-neutral carry: similar — USDe resembles a delta-hedged note earning funding-rate carry on hedged crypto exposure.; differs — On-chain mint/redeem with KYC-gated market makers rather than broker-dealer structured products. - Money-market share class: similar — sUSDe resembles a yield share class on the base dollar.; differs — Reward accrual via protocol revenue, not MMF NAV. - Tokenized Treasury reserve: similar — USDtb maps to Treasury/MM-backed tokenized dollar exposure.; differs — Distinct reserve stack from synthetic USDe. - Governance / equity token: similar — ENA aligns with protocol governance equity.; differs — On-chain DAO control via multisigs.
Actions
| Name | Signature | Access |
|---|---|---|
getProfile Read the CanHav profile for Ethena. | research_getEntity({ slug: "ethena" }) | read-only |
listMembers List the member coins (stablecoins / tokens / RWAs) under this entity. | research_listByCategory({ category: "entities" }) | read-only |
readLiveMetrics Read live on-chain supply / metadata for a member contract (Arbitrum). | chain_readLive({ address: "0x..." }) | read-only |
getHistory Pull historical peg / TVL series for a member protocol. | research_getHistory({ slug: "<member-slug>", metric: "peg" | "tvl" }) | read-only |
Glossary
- TVL
- Total value locked — assets held or managed by a protocol, in USD.
- APR
- Annual percentage rate — yield before compounding.
- RWA
- Real-world asset — an off-chain asset represented as an on-chain token.
- ERC-8004
- Trustless-agent identity standard; an agent's portable on-chain identity (ERC-721).