Ethena Labs Inc.

About Ethena Labs Inc.

Ethena Labs created USDe, a synthetic dollar on Ethereum, and operates the Internet Bond yield protocol. The company combines delta-hedged staked ETH positions and derivatives to maintain a stable, scalable, and censorship-resistant dollar-denominated asset without traditional banking rails. Users can mint or redeem USDe, stake it for sUSDe to earn protocol yield, or provide liquidity across DeFi. The platform is governed by the ENA token and has attracted over $2 billion in TVL. Ethena’s architecture is designed to offer capital-efficient stablecoins and permissionless savings instruments to global users, while generating revenue from funding, basis, and staking rewards.