Ethena Labs

Ethena Labs builds USDe, a synthetic dollar stablecoin, and sUSDe, a yield-bearing staked version, designed to function as an internet-native dollar savings product backed by delta-neutral crypto positions. The protocol has scaled to several billion in supply across 24 chains and is integrated with major DeFi venues like Aave, Morpho, and Pendle, plus exchanges including Binance, Bybit, and Kraken. The team publishes weekly proof of reserves, monthly custodian attestations, and real-time backing data as a transparency layer. Ethena raised a Series B in 2025 with backers including Dragonfly, Franklin Templeton, F-Prime, Brevan Howard, and PayPal Ventures.