Stablecoin · ENA
Ethena 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.
ENA price
$0.0856
-2.0% 24h
Latest data · 15 min delay
Machine-readable protocol knowledge for agents
Digital dollars for the internet economy.
ethena · v1.0.0
Facts
| category | Network |
| symbol | ENA |
| tagline | Digital dollars for the internet economy. |
| arbitrumNative | no |
| chains | Ethereum |
| security | verified (OZ-derived · public audit on file) |
| memberCoins | 6 (USDe, sUSDe, USDtb, ENA, sENA, iUSDe) |
| founded | 2024-02-15 |
| tvl | $4.09B |
| marketCap | $841.05M |
| price | $0.0856 |
| priceChange24h | -2.0% |
| priceChange7d | -7.2% |
| priceChange30d | 2.7% |
| fdv | $1.28B |
| marketCapRank | #75 |
| tvlChange1d | 0.0% |
| tvlChange7d | 3.4% |
| universalMetricsSyncedAt | 2026-08-23T06:42:21Z |
| users | 117K |
| apr | 11.3% |
Sections
Ethena Labs issues USDe, a crypto-native synthetic dollar, and related products including sUSDe (yield), USDtb (Treasury-backed), and the ENA governance token.
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.
- 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.
- 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)
- 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.
- Delta-hedged structured note / market-neutral carry: similar in that USDe resembles a delta-hedged note earning funding-rate carry on hedged crypto exposure.; differs in that On-chain mint/redeem with KYC-gated market makers rather than broker-dealer structured products. - Money-market share class: similar in that sUSDe resembles a yield share class on the base dollar.; differs in that Reward accrual via protocol revenue, not MMF NAV. - Tokenized Treasury reserve: similar in that USDtb maps to Treasury/MM-backed tokenized dollar exposure.; differs in that Distinct reserve stack from synthetic USDe. - Governance / equity token: similar in that ENA aligns with protocol governance equity.; differs in that 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 network. | research_listByCategory({ category: "networks" }) | 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
