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.
ENA price
$0.0786
+4.9% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Ethena and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Jupiter | Home of Onchain Finance | Both in Stablecoin (Synthetic Yield-Bearing). | Jupiter is a vertically integrated trading ecosystem (aggregator, perps, lend, stablecoin, launchpad), not a single credit product. |
| 2 | Falcon Finance | Universal-collateral synthetic dollar. | Both in Stablecoin (Synthetic Yield-Bearing). | Universal collateral model — accepts BTC, ETH, SOL, BNB, altcoins and yield-bearing tokens as collateral for synthetic USDf. |
| 3 | Frax Finance | Hybrid stablecoin pivoting to RWA backing. | Both in Stablecoin (Synthetic Yield-Bearing). | First-mover hybrid algo-collateral stablecoin, now pivoted to RWA-backed frxUSD with BUIDL — an institutional bridge to DeFi. |
| 4 | Elixir | Wound-down synthetic dollar (deUSD). | Both in Stablecoin (Synthetic Yield-Bearing). | Wound-down: deUSD redemptions halted after the Stream Finance loss. |
| 5 | Cap | Non-custodial outsourced-yield dollar. | Both in Stablecoin (Synthetic Yield-Bearing). | Non-custodial yield outsourcing — institutional agents (Franklin Templeton, others) generate yield backed by EigenLayer-secured restaking. |
| 6 | Resolv Labs | Two-tranche delta-neutral dollar. | Both in Stablecoin (Synthetic Yield-Bearing). | Two-tranche risk architecture — USR (stable yield) and RLP (leveraged risk) provide transparent risk separation. |