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
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.
Synthetic dollar pegged via delta-hedging BTC/ETH spot plus perp shorts and liquid stables. Mint/redeem is KYC-gated to market makers.
Staked USDe receipt token that accrues protocol revenue. Savings asset, not a separate pegged stablecoin.
Treasury-backed dollar distinct from synthetic USDe, backed by short-term Treasuries / BUIDL exposure.
Governance token for Ethena protocol parameters and treasury.
Backing assets are held with off-exchange settlement providers (e.g. Copper, Ceffu, Fireblocks); delta-neutral hedges run on centralized perp venues.
Ethena docsENA governance can activate a fee switch sharing protocol revenue with sENA stakers once reserve-fund and USDe-supply thresholds are met.
EthenaUSDtb diversifies reserves into BlackRock's BUIDL tokenized T-bill fund as a stable, non-hedged backing leg.
EthenaHow Ethena maps onto established TradFi structures, and where it diverges.
Delta-hedged structured note / market-neutral carry
Ethena
USDe resembles a delta-hedged note earning funding-rate carry on hedged crypto exposure.
TradFi analogue
On-chain mint/redeem with KYC-gated market makers rather than broker-dealer structured products.
Money-market share class
Ethena
sUSDe resembles a yield share class on the base dollar.
TradFi analogue
Reward accrual via protocol revenue, not MMF NAV.
Tokenized Treasury reserve
Ethena
USDtb maps to Treasury/MM-backed tokenized dollar exposure.
TradFi analogue
Distinct reserve stack from synthetic USDe.
Governance / equity token
Ethena
ENA aligns with protocol governance equity.
TradFi analogue
On-chain DAO control via multisigs.
Ethena protocol multisigs
Operations Dev multisig (5/11, contract params), sUSDe Payout Fund (3/11), Reserve Fund (4/10). Founder: Guy Young.
Series A / strategic
Feb 2024~$14M
Key milestones: launches, upgrades, exploits and governance events.
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.
SourceNo. USDe is synthetic: collateral plus delta-neutral hedging across CEX and DEX venues, not bank deposit reserves.
USDe is the base synthetic dollar. sUSDe is the yield-bearing staked receipt that accrues protocol revenue, similar to USDai/sUSDai.
USDtb is a Treasury-backed reserve dollar (BUIDL/Treasury exposure), while USDe uses crypto collateral and derivatives hedging.
Max supply
Buyback policy
Governance-gated fee switch can route protocol revenue to sENA stakers (not a token buyback/burn).
Distribution
