Having trouble finding the right infrastructure?
Request a free consultation
Having trouble finding the right infrastructure?
Request a free consultation
ETHENA LABS Join the Future of Internet Finance
ETHENA LABS
Company Overview.
Description.
Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure. Founded in 2023 and headquartered in Lisbon, Portugal, the protocol is led by Founder and CEO Guy Young, formerly of Cerberus Capital Management. Ethena's flagship product USDe achieves stability through delta-hedging Bitcoin, Ethereum, and other governance-approved spot assets using perpetual and deliverable futures contracts while holding liquid stables such as USDC and USDT. USDe has grown to become the fourth-largest dollar asset in crypto with over $5-6 billion in circulating supply, serving retail users through its staking product sUSDe and institutional clients through its white label stablecoin infrastructure. The protocol is deployed across 20+ blockchain networks and integrated with 100+ ecosystem partners including Binance, Bybit, Coinbase, Aave, and Curve.
Ethena has raised approximately $136.5 million across multiple funding rounds from leading institutional investors including Dragonfly Capital, Franklin Templeton, Polychain Capital, Pantera Capital, F-Prime Capital (Fidelity), MEXC Ventures, and Arthur Hayes' Maelstrom. The $100 million strategic round completed in December 2024 drew participation from major traditional finance players, reportedly valuing the protocol at over $3 billion. Ethena offers a White Label Stablecoin Service enabling partners to launch branded stablecoins using institutional-grade reserve operations, with notable deployments including Jupiter's JupUSD on Solana, MegaETH's USDm, and Sui's suiUSDe. The protocol's technical infrastructure includes security audits by Zellic, Quantstamp, Spearbit, and Code4rena, with no critical or high vulnerabilities reported, while USDtb is issued by Anchorage Digital Bank in a GENIUS-compliant manner backed by BlackRock's BUIDL fund.
Key Infrastructure.
It maintains peg stability through offsetting derivatives positions while holding liquid stables for efficiency and bear market protection.
USDe is fully-backed and composable throughout CeFi and DeFi.
Users stake USDe to earn yield while maintaining liquidity and composability across DeFi protocols.
The product has grown to over $5 billion in staked value.
It provides institutional-grade stablecoin infrastructure for compliant tokenization.
Partners design the product and control distribution while Ethena handles reserve operations, custody, and CeFi/DeFi distribution.
Jupiter, MegaETH, and Sui have launched stablecoins using this service.
Network partners include Based, Ethereal, Echelon, Strata, OnRe, Re, InfiniFi, Derive, and Neutrl.
This innovative approach removes reliance on traditional banking infrastructure.
Additional Features.
General Questions.
Ethena is a synthetic dollar protocol built on Ethereum that provides crypto-native money solutions through USDe, a delta-hedged stablecoin, and sUSDe, a yield-bearing savings asset. They also offer White Label Stablecoin services for institutions.
Their main clients include retail users seeking yield on stablecoins, institutional clients (via iUSDe and whitelabel services), and DeFi protocols integrating USDe/sUSDe for liquidity.
USDtb is issued by Anchorage Digital Bank in a GENIUS-compliant manner. The protocol operates globally with KYC/KYB requirements for institutional minting/redemption.
USDe and sUSDe are deployed across 20+ chains including Ethereum, Solana, Arbitrum, Base, Blast, BNB Chain, Mantle, Linea, Scroll, and more.
