Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated rewards instrument - the 'Internet Bond'. Ethena's synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully-backed and free to compose throughout CeFi & DeFi. USDe peg stability is supported through the use of delta hedging derivatives positions against protocol-held collateral, maintaining a relatively stable value with reference to the value spot crypto assets as well as futures positions. The 'Internet Bond' combines revenue derived from staked assets (e.g., staked Ethereum), to the extent used as backing assets, as well as the funding & basis spread from perpetual and futures markets, to create the first onchain crypto-native solution for money.
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Mantle Integrates Tokenized Equities with Bybit
Ethena (ENA) may become most leveraged asset in rate cut era
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Columns5| Company | Markets | New markets | Momentum | Activity | Expansion score |
|---|---|---|---|---|---|
 Ethena LabsYou | 1 | 1 | -100% | 1 | 43 |
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Kraken plans to list Ethena's USDe stablecoin, becoming the first US exchange to do so, according to CryptoBriefing.
Stablecoins saw record $45B net inflows in Q3, led by USDT and USDC. Ethena, PayPal USD, and MakerDAO also gained traction.
Stablecoin-as-a-Service models emerge, allowing companies to issue custom stablecoins. This lowers entry barriers but raises concerns about liquidity fragmentation and regulatory risks.
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