Ethena
Decentralized synthetics
Ethena
Ethena issues USDe, a crypto-native synthetic dollar backed by delta-hedged ETH and BTC, with sUSDe earning yield from staking and basis-trade returns.
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What is Ethena?
Ethena issues USDe, a synthetic dollar backed by delta-hedged crypto collateral instead of fiat reserves. Users mint USDe with ETH or BTC, then stake it as sUSDe to earn yield generated from the basis between spot and perpetual futures plus staking rewards. With supply across Ethereum, Solana, Arbitrum, and Base, Ethena is the largest crypto-native dollar alternative to traditional stablecoins, bypassing banking dependencies while preserving on-chain liquidity.
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