Ethena
Issuer of USDe, a synthetic dollar whose collateral is hedged with short perpetual futures so the yield on sUSDe tracks funding rates rather than policy rates; supply stood at roughly $5.9bn in 2026 after the October 2025 deleveraging.
The profile
Issuer of USDe, a synthetic dollar that holds cryptoasset collateral against offsetting short perpetual futures positions so the combined book is delta-neutral; holders who stake into sUSDe receive the funding and basis spread from that hedge plus the return on the collateral, which is why the yield rises and falls with perpetual funding rates rather than with policy rates. Supply exceeded $14bn in 2025, contracted sharply after the October 2025 deleveraging and stood at roughly $5.9bn in 2026, with sUSDe paying about 4% annualised in early 2026. Because the return originates in market funding rather than issuer reserves, USDe falls outside the GENIUS Act definition of a payment stablecoin and its yield prohibition, while Germany's BaFin prohibited public sales by Ethena GmbH under MiCA. Ethena has since shifted reserves into over-collateralised institutional lending arranged with Anchorage Digital, Maple and Coinbase Asset Management, cutting basis-trade exposure to about 11% of reserves and issuing USDtb, a fiat-backed token, as its US-compliant instrument.
Products and services
- USDe
- Synthetic dollar collateralised by cryptoassets hedged with short perpetual futures, held delta-neutral rather than backed by cash and Treasuries.
- sUSDe
- Staked claim on USDe that accrues the funding and basis spread earned on the hedge together with collateral income.
- USDtb
- Fiat-backed dollar token issued with Anchorage Digital as the reserve-backed instrument for US distribution.
No development naming Ethena has yet been filed against a primary source. The register entry stands so the institution, its jurisdiction and its products are on the record.