Ethena
Ethena is a BVI-domiciled synthetic dollar protocol that issues USDe, a crypto-native stablecoin backed by spot crypto plus offsetting short futures, and operates sUSDe staking, USDtb (institutional), the ENA governance token, and a Whitelabel Stablecoin-as-a-Service for chains and protocols.
- Company typePrivate
- Founded2023
- HeadquartersLisbon, Portugal
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Ethena does
Ethena is a synthetic dollar protocol founded in 2023 by Guy Young, legally domiciled in the British Virgin Islands (Ethena BVI Limited) with operational roots in Lisbon, Portugal. The company's flagship product is USDe, a crypto-native dollar stablecoin built on Ethereum whose peg is maintained through delta-neutral hedging — holding governance-approved spot crypto assets (BTC, ETH, SOL, and certain liquid staking tokens) alongside offsetting short perpetual and deliverable futures positions, plus liquid stable buffers (USDC, USDT, USDtb). A Reserve Fund and on-chain order validity checks provide additional safeguards. The complementary sUSDe is an ERC-4626 staking token that distributes protocol revenue from basis spreads and perpetual funding rates to holders, positioned as a globally accessible "internet savings bond."
The company operates a multi-product platform. USDtb is an institutional-grade stablecoin issued by Anchorage Digital Bank N.A. and backed by BlackRock's BUIDL tokenized money-market fund in a GENIUS Act-compliant structure. ENA is the native governance and value-accrual token, with a Q3 2026 fee switch planned. Ethena Whitelabel is a "Stablecoin as a Service" B2B offering powering chain-native stablecoins including Jupiter's jupUSD, MegaETH's USDm, and Sui's suiUSDe. Application-layer products include HyENA (a USDe-margined perpetuals DEX on Hyperliquid's HIP-3 standard) and Liquid Leverage on Aave.
Ethena generates revenue through mint/redeem cost reimbursements paid to Ethena BVI by KYC/KYB-cleared Mint Users, Whitelabel infrastructure and reserve management fees from chain partners, and protocol economics that accrue to sUSDe stakers (basis spreads and funding rate income). The go-to-market is hybrid: permissionless product-led growth via the app, exchange and custodian distribution, OEM/whitelabel embedded partnerships, an enterprise sales motion for Whitelabel, and community-led engagement. Ethena serves DeFi users, centralized exchanges, institutional asset managers, L1/L2 blockchains, qualified custodians, and RWA/tokenization platforms. Protocol gross revenue was $65.06M in Q1 2026 (down 32% QoQ), and USDe peaked at ~$15B TVL in September 2025 before declining to $2.45B–$2.66B by mid-2026 following the KelpDAO exploit.
Ethena firmographics
Firmographics- Name
- Ethena
- Legal name
- Ethena (BVI) Limited
- Website
- https://ethena.fi
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Ethena is a BVI-domiciled synthetic dollar protocol that issues USDe, a crypto-native stablecoin backed by spot crypto plus offsetting short futures, and operates sUSDe staking, USDtb (institutional), the ENA governance token, and a Whitelabel Stablecoin-as-a-Service for chains and protocols.
- Ownership category
- akta.pro rank
Ethena industry classification
Industry- Product category
- Synthetic Dollar Protocol / Crypto-Native Stablecoin
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Stablecoin Issuers (Fiat-Backed) (FSADADAA)
- akta.pro secondary industry
- Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
Keywords
Where Ethena is headquartered
LocationHeadquarters
- HQ city
- Lisbon
- HQ country
- Portugal
- HQ region
- Europe
Offices4 records
Markets served
Ethena business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Protocol Revenue from Basis & Funding: Ethena captures revenue from two sustainable sources in crypto: (1) the basis spread between spot crypto assets and corresponding short futures positions used to delta-hedge USDe, and (2) perpetual swap funding rates earned while short. Revenue is redistributed to sUSDe stakers as rewards.
- Liquid Stable Yield: Yield earned on liquid stablecoin buffers (USDC, USDT) held as part of USDe reserves, potentially enhancing overall protocol revenue in certain market conditions.
- Whitelabel / Stablecoin-as-a-Service Fees: Ethena provides whitelabel infrastructure for chains and protocols to launch their own branded stablecoins (jupUSD, USDm, suiUSDe) backed by USDe/USDtb/USDC, capturing infrastructure and reserve management fees.
- Mint/Redeem Cost Reimbursements: Ethena BVI charges Mint Users reimbursement fees (gas fees, execution fees) for minting and redeeming USDe directly with the protocol. No fees for the broader Services/App.
- ENA Token Value Accrual (Planned Fee Switch): A planned Q3 2026 fee switch is targeted to redirect a portion of protocol revenue to ENA governance token holders, potentially reducing sUSDe yields but creating token-holder cash flow.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Direct Mint/Redeem (Mint Users only) |
| Other | Multi-year contract | Whitelabel Stablecoin-as-a-Service |
| Usage-based | Pay-as-you-go | sUSDe Staking (Variable APY) |
Go-to-market motion6 records
Distribution channels8 records
Marketing channels9 records
Ethena product offering
Product offeringCore offering
Ethena is a synthetic dollar protocol on Ethereum that issues USDe, a crypto-native stablecoin maintaining its $1 peg via delta-neutral hedging of spot crypto assets (BTC, ETH, SOL) against offsetting short perpetual and deliverable futures positions. The protocol complements USDe with sUSDe (a staked savings asset earning protocol revenue from funding rates and basis spreads), USDtb (an institutional stablecoin issued by Anchorage Digital and backed by BlackRock's BUIDL), the ENA governance token, and Ethena Whitelabel, a B2B "Stablecoin as a Service" platform enabling other chains and protocols to launch branded stablecoins.
Product overview
Ethena operates a synthetic dollar platform rather than a single unified product. The core engine is USDe, a crypto-native synthetic dollar on Ethereum backed by spot crypto assets plus offsetting short futures/perpetuals positions, which is fully-backed and composable across CeFi and DeFi. The complementary savings product sUSDe (an ERC-4626 staking token) accrues protocol revenue to holders. USDtb extends the platform into institutional/regulated markets as a GENIUS-compliant stablecoin backed by BlackRock's BUIDL via Anchorage Digital Bank. The ENA governance token layers governance and value accrual on top. Ethena Whitelabel is the platform's B2B product — a "Stablecoin as a Service" used to launch partner-branded stablecoins including JupUSD (Jupiter), USDm (MegaETH), and suiUSDe (Sui). Application-layer products built on top of the protocol include HyENA (a USDe-margined perpetuals DEX on Hyperliquid's HIP-3), Liquid Leverage on Aave, and the Steakhouse-curated Coinbase High Yield Vault.
Differentiator
Problem solved
Functional benefit
Brands
- USDe: Crypto-native synthetic dollar stablecoin backed by spot crypto assets (BTC, ETH, SOL) and corresponding short futures positions, maintaining peg via delta-neutral hedging strategy.
- sUSDe
- USDtb
- Ethena Whitelabel
- ENA
Products and services
- USDe USDe is Ethena's flagship crypto-native synthetic dollar stablecoin built on Ethereum, maintaining a $1 peg via delta-hedging BTC, ETH, SOL and other governance-approved spot assets with corresponding short futures/perpetuals positions, plus liquid stable holdings. Fully-backed and composable across CeFi and DeFi.
- sUSDe sUSDe is the staked version of USDe, an ERC-4626 token earning rewards from Ethena protocol revenue (delta-hedging funding rates and basis spreads) and serving as a globally accessible dollar-denominated internet savings bond.
- USDtb USDtb is an institutional-grade U.S. dollar stablecoin issued by Anchorage Digital Bank N.A., backed by fiat USD plus BlackRock's BUIDL tokenized money-market fund, managed in a GENIUS Act-compliant manner. Used as collateral backing for JupUSD, USDm, and Ethena's whitelabel offerings.
- ENA ENA is Ethena's native governance and value-accrual token supporting protocol governance over parameters including USDe Reserve composition and sUSDe staking rewards; a planned Q3 2026 fee switch could redirect protocol revenue to ENA holders.
- Ethena Whitelabel Ethena Whitelabel ("Stablecoin as a Service") is a B2B platform that enables protocols and ecosystems to launch their own branded stablecoin backed by USDe, USDtb, an Anchorage-issued GENIUS-compliant stablecoin, or other configurable assets. Powers jupUSD (Jupiter), USDm (MegaETH), and suiUSDe (Sui).
- HyENA HyENA is a USDe-margined perpetuals DEX ("Internet Trading Engine") built on Hyperliquid's HIP-3 standard, combining Hyperliquid's high-performance trading infrastructure with USDe as native trading collateral.
- JupUSD JupUSD is a Solana-native dollar-pegged stablecoin launched by Jupiter in partnership with Ethena, with 90% of reserves in USDtb (collateralized by BlackRock's BUIDL) and 10% in USDC. Ethena manages day-to-day reserve operations and rebalancing.
- USDm USDm is a stablecoin on the MegaETH network launched via Ethena's Whitelabel service, backed by USDtb and USDC at launch, designed to subsidize sequencer fees and stabilize transaction costs across the MegaETH ecosystem.
- suiUSDe (eSui Dollar) suiUSDe is the first native stablecoin built for the Sui ecosystem in partnership with Ethena Labs and the Sui Foundation, backed by USDe and USDC. A $10M seeded yield vault on Ember Protocol provides on-chain stablecoin yield.
Quantifiable outcome
- USDe reached $10B TVL in 500 days — fastest of any stablecoin
- +5 more outcomes
Companies that use Ethena
Customer profileNamed customers18 records
Segments7 records
Ideal customer profiles5 records
Ethena technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration23 records
Feature8 records
Ethena partnerships and signals
Strategic signalPartnerships
21 partnerships are on record, tiered core and flagship.
- Avalanche Payments CollectivecoreEthena joined the Avalanche Payments Collective as a founding participant alongside Franklin Templeton, VanEck, Paxos, Agora, and Rain, supporting cross-border payment flows to over 150 countries.
- SecuritizeflagshipSecuritize expanded its STAC tokenized AAA CLO fund to the Solana blockchain, with Ethena Labs committing a planned $250 million allocation. The fund invests in U.S. dollar-denominated AAA-rated CLO tranches with BNY as custodian. The allocation is intended to broaden the collateral base backing USDe and USDtb.
- CentrifugeflagshipEthena selected Centrifuge as its strategic tokenization partner following a competitive RWA infrastructure RFP. As part of the partnership, Ethena allocates capital to JAAA (tokenized Janus Henderson Anemoy AAA CLO ETF built onchain by Centrifuge). This is the first time Ethena diversified its collateral holdings beyond basis strategies.
- BlackRockflagshipBlackRock's BUIDL fund (~$2.6B assets) provides over 90% of reserves backing Ethena's USDtb stablecoin and Jupiter's JupUSD. BlackRock also submitted a comment letter to the OCC supporting broader reserve asset eligibility for stablecoin issuers.
- BitGocoreBitGo introduced support for rewards on USDe, allowing institutional clients to earn monthly rewards without staking or lockup requirements, expanding institutional access to synthetic dollars.
- Anchorage Digital Bank N.A.flagshipAnchorage Digital Bank N.A. serves as the U.S. issuer of Ethena's institutional-grade USDtb stablecoin. The relationship was extended in June 2026 to enable institutional off-chain lending, with Anchorage's Atlas platform managing collateral while Ethena deploys capital into institutional loans under Anchorage's qualified custody framework.
- Enterprise Ethereum Alliance (EEA)coreEthena joined the Enterprise Ethereum Alliance alongside Polygon Labs and Nethermind as a contributor to institutional Ethereum infrastructure development.
- SUI Group Holdings / Sui FoundationflagshipSUI Group Holdings (SUIG) launched eSui Dollar (suiUSDe) on Sui Mainnet in partnership with Ethena Labs and the Sui Foundation — the first native stablecoin built for the Sui ecosystem. Seeded a $10M yield vault on Ember Protocol with $25M initial capacity.
- HTXcoreHTX launched USDe minting and redemption services enabling users to directly mint or redeem Ethena's synthetic dollar via smart contracts; introduced daily rewards (up to 15% APY) and trading competition with 10,000 USDe prize pool.
- HyperliquidflagshipEthena extends USDe into Hyperliquid as a foundational dollar primitive. HyENA — a USDe-margined perpetuals DEX — is built on Hyperliquid's HIP-3 standard, combining USDe as trading collateral with Hyperliquid's high-performance Layer 1.
- Jupiter (DEX on Solana)flagshipJupiter launched jupUSD, a Solana native stablecoin built with Ethena. jupUSD is backed primarily by USDtb (90%) plus USDC buffer (10%), with USDtb collateralized by BlackRock's BUIDL fund via Anchorage Digital. Jupiter plans to convert ~$750M of USDC from its Liquidity Provider Pool to jupUSD.
- MegaETHcoreMegaETH launched USDm stablecoin backed by USDtb and USDC on launch, designed to subsidize sequencer fees and stabilize transaction costs across the MegaETH ecosystem.
- CoppercoreCopper is the first custodian to support native mint and redeem capabilities for USDe and USDtb directly on its platform using its MPC security model; Flowdesk is among the first clients to use this feature.
- BNY MelloncoreBNY serves as custodian and sub-adviser for Securitize's STAC tokenized AAA CLO fund, which Ethena is committing $250M to. BNY also plays a custodial role in tokenized finance infrastructure underpinning USDe reserves.
- BinanceflagshipEthena partnered with Binance to embed USDe across its platform of 280M+ users and $190B+ in assets, including USDe reward-bearing collateral for futures and perpetuals trading, direct integration with Binance Earn, and full Binance listing.
- StablecoinX / TLGY Acquisition Corp.flagshipStablecoinX Assets Inc. closed a $530M PIPE financing (expanded to $890M total commitments) to fund a multi-year treasury strategy centered on ENA token, holding over 3 billion ENA tokens. Plans to merge with TLGY and list on Nasdaq under ticker USDE in Q4 2025.
- BlackRock BUIDL / Anchorage / Securitize (USDH Stablecoin Initiative)flagshipEthena entered the Hyperliquid USDH stablecoin race, supported by BlackRock's BUIDL fund, Anchorage Digital custody, and Securitize tokenization infrastructure.
- STON.fi / TON FoundationcoreSTON.fi integrated Ethena's USDe on the TON blockchain, offering up to 18% APY to approximately 1 billion Telegram users within the TON ecosystem.
- PendlecoresUSDe is among Pendle's largest assets, enabling fixed-yield strategies and exposure to Ethena's underlying returns via Pendle's principal/yield tokenization model.
- MorphocoreUSDe and sUSDe are widely used as productive collateral across curated Morpho lending markets. Powers the Steakhouse-curated high-yield USDC vault on Coinbase.
- AavecoreUSDe and sUSDe are integrated as supply and collateral assets on Aave lending markets across Ethereum and other networks. Aave also launched Liquid Leverage with Ethena, enabling 50% sUSDe + 50% USDe deposits earning ~12% promotional APY.
Scale indicators11 records
Recent moves6 records
Expansion highlights8 records
Ethena competitors and assessment
Company assessmentMarket position
Weaknesses5 records
Competitive moat6 records
Key highlights7 records
Customer concentration
Ethena social profiles
Digital presenceEthena compliance and trust
Trust signalCompliance5 records
Ethena financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ethena leadership team
Management profileNumber of profiles
Profiles1 record
Ethena subsidiaries and ownership
Company hierarchySubsidiaries3 records
Ethena funding detail
Funding detailFunding overview
Funding rounds11 records
Investors30 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ethena M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ethena
What does Ethena do?
Ethena is a synthetic dollar protocol on Ethereum that issues USDe, a crypto-native stablecoin maintaining its $1 peg via delta-neutral hedging of spot crypto assets (BTC, ETH, SOL) against offsetting short perpetual and deliverable futures positions. The protocol complements USDe with sUSDe (a staked savings asset earning protocol revenue from funding rates and basis spreads), USDtb (an institutional stablecoin issued by Anchorage Digital and backed by BlackRock's BUIDL), the ENA governance token, and Ethena Whitelabel, a B2B "Stablecoin as a Service" platform enabling other chains and protocols to launch branded stablecoins.
Is Ethena a public or private company?
Ethena is a private company. It is classified as venture growth investor backed and is currently operating.
When was Ethena founded?
Ethena was founded in 2023. It employs 11 to 50 people.
Where is Ethena based?
Ethena is headquartered in Lisbon, Portugal, in the Europe region.
How does Ethena make money?
Five revenue lines are on record. Protocol Revenue from Basis & Funding is the primary driver. The others are liquid Stable Yield, whitelabel / Stablecoin-as-a-Service Fees, mint/Redeem Cost Reimbursements and ENA Token Value Accrual (Planned Fee Switch).
Does Ethena have an API?
Yes. Ethena provides API documentation for its minting system. The docs page "Overview" under "API Documentation" lists "Ethena Minting Documentation" as the entry point. A testnet is offered for testing smart contracts, with canonical verified testnet deployments of USDe on Ethereum Sepolia and Ethereum Goerli, and encouragement to test against Ethereum mainnet via fork tools such as Tenderly and Anvil. The Mint User Agreement governs access; only approved Mint Users (KYC/KYB-cleared market making counterparties) can directly mint or redeem USDe, while permissionless access to USDe is via external AMM pools (e.g., Curve Finance, Uniswap). No additional details on REST/GraphQL, auth, rate limits, versioning, or sandbox are disclosed in the source material. Developer documentation is at docs.ethena.fi/api-documentation/overview.
What industry is Ethena in?
Ethena's product category is Synthetic Dollar Protocol / Crypto-Native Stablecoin. Its primary akta.pro industry code is FSADADAA, Stablecoin Issuers (Fiat-Backed), with a secondary code of FSAPAEAB, Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption). Its NAICS code is 522320 and its SIC code is 6200.