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
+0.6% 24h
Latest data · 15 min delay
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.