Ethena
A synthetic dollar protocol on Ethereum: USDe is backed by crypto collateral hedged with short perpetual positions. Supply and TVL change daily, so they are linked rather than copied.
Reviewed . Live figures are linked, not copied; any figure shown carries its own date and source.
Overview
What is Ethena?
Ethena is a synthetic dollar protocol built on Ethereum, designed to provide a crypto-native form of money that does not rely on traditional banking infrastructure.
Key features
- Delta-neutral synthetic dollar (USDe)
- Staked USDe (sUSDe) that earns protocol yield
- USDtb, a stablecoin backed by tokenized Treasury funds
- Tokens move across chains as LayerZero OFTs
Live protocol data
USDe supply, TVL and yield change daily, so this page links to live sources instead of quoting them.
Legal Structure
Ethena (BVI) Limited
Ethena's main entity, based in the British Virgin Islands.
Ethena GmbH (Germany)
Was winding down in 2025, with KYC/AML-only redemptions offered until August 2025. That window has passed; check Ethena's current terms for who can mint or redeem.
Converge
What is Converge?
Converge is an EVM chain from Ethena and Securitize that presents itself as a settlement layer for traditional finance and digital dollars.
Stated features
- USDe, USDtb and other assets accepted as gas tokens
- A validator network secured by staked ENA (sENA)
- Familiar EVM tooling with account abstraction
Execution
EVM
Familiar EVM tooling, per the Converge site
Gas tokens
USDe, USDtb
Stablecoins accepted for gas (stated plan)
Security
sENA validators
Validators secured by staked ENA (stated plan)
Builders
Ethena + Securitize
The two teams behind the chain
Stablecoin Ecosystem
USDe
Type
Synthetic dollar
Backing
Crypto collateral hedged with short perpetual positions (delta-neutral)
Usage
USDtb
Type
Treasury-backed stablecoin
Backing
Tokenized US Treasury funds, including BlackRock's BUIDL
Usage
sUSDe
Type
Yield-bearing
Backing
USDe staked in Ethena's staking contract
Usage
eUSDe
Type
Receipt token
Backing
USDe deposited into Ethereal
Usage
Where Ethena Assets Are Used
Pendle
Yield markets where USDe and sUSDe yield can be traded as separate principal and yield tokens.
Open Pendle (opens in a new tab)Morpho
Isolated lending markets, including markets that accept Ethena assets as collateral.
Open Morpho (opens in a new tab)Projects Using Ethena Assets
Pendle
Category
Features
Morpho
Category
Features
Ethereal
Ecosystem Partners
Terminal Finance
DefiLlama tracks only Terminal's pre-deposit vaults so far, which earn its Roots points (checked 2026-10-10).
Securitize
Relevant to Ethena
- Builds the Converge chain together with Ethena
- Tokenizes BlackRock's BUIDL fund, one of USDtb's reserve assets
- Issues tokenized funds for asset managers such as Apollo and Hamilton Lane
Protocol Information
Ethena is a synthetic dollar protocol built on Ethereum, designed to provide a crypto-native form of money that does not rely on traditional banking infrastructure.
Hedged
USDe collateral is delta-hedged
Multi-chain
Tokens move as LayerZero OFTs
Transparent
Public reserve dashboard