Ethena
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.
Total supply
$3.6M
+0.4% 24h
Latest data · 15 min delay
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Ethena — Research Skill
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 | Arbitrum One |
| security | audited (OZ-derived · reported audited (no public link)) |
| memberCoins | 6 (USDe, sUSDe, USDtb, ENA, sENA, iUSDe) |
| founded | 2024 |
| tvl | $3.56M |
| marketCap | $762.82M |
| 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 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
- 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).