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Ethena is a DeFi protocol building crypto-native money. Its goal is to offer a stable digital dollar that operates fully on-chain. Through its token USDe, Ethena enables a new model of financial stability without traditional banks.
Visit Ethena Labs to learn more about its ecosystem and native token ENA.
Ethena is a DeFi protocol building crypto-native money. Its goal is to offer a stable digital dollar that operates fully on-chain. Through its token USDe, Ethena enables a new model of financial stability without traditional banks.
Visit Ethena Labs to learn more about its ecosystem and native token ENA.
USDe is Ethena's synthetic dollar. It is backed by crypto assets such as ETH and BTC, plus stablecoins, with the crypto exposure hedged using short perpetual futures. This delta-neutral setup aims to keep the value stable at one dollar.
Unlike USDT or USDC, USDe is not backed by bank deposits or Treasuries. It is crypto-native, but it does rely on exchanges and custodians to hold collateral and run the hedges.
USDe has different risks from fiat-backed stablecoins. Futures funding rates can turn negative, which cuts into yield and reserves. Collateral and hedges sit with exchanges and custodians, so a failure at one of them is a counterparty risk. In extreme markets, liquidity can thin out and USDe can trade below one dollar on some venues. Regulators are also still deciding how synthetic dollars should be treated.
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