Ethena

Synthetic dollars and DeFi infrastructure for USDe

Meet Ethena

Ethena is a DeFi protocol centered on USDe, a synthetic dollar, and sUSDe, its staked counterpart. USDe uses backing assets and hedging positions to track the dollar's value. Users can obtain it through supported markets and stake it for sUSDe, which participates in the protocol's reward distributions. Direct minting and redemption are available to approved counterparties.

The broader product range includes USDtb, digital dollar services for other organizations, and Ethena Pay. Dashboards show backing assets and attestation information, while exchange and DeFi integrations provide ways to use these products in on-chain financial applications.

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Product details

Website: ethena.fi
Status: Launched
Category: Finance
Listed: Oct 14, 2026

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