Ethena
Synthetic dollar protocol behind USDe, backed by crypto collateral hedged with short perps.
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Ethena key facts
| Category | Stablecoin protocol |
|---|---|
| Platforms | Web |
| Custody | Non-custodial |
| US availability | No, US persons are prohibited |
| Security audits | Zellic, Quantstamp, Spearbit and Cantina, Pashov, Code4rena |
| Token | ENA |
ENA token
- Price
- $0.154 +1.2% 24h
- Market cap
- $2.1B
- Fully diluted value
- $2.3B
- 30-day change
- -31.0%
Market data: CoinGecko, updated Nov 10, 2026. Educational content, not financial advice.
What is Ethena?
Ethena is the protocol behind USDe, a synthetic dollar whose backing is hedged with short perpetual positions, and sUSDe, its staked version that earns rewards. Its contracts were audited by Zellic, Quantstamp, Spearbit, Pashov and Code4rena. Its terms bar US residents from using the services.
How Ethena works
To mint USDe, a whitelisted user requests a price from the Ethena Pricing API and signs an EIP712 order.
Ethena's server checks balances, approvals and hedging capacity, then calls the mint function, which moves the user's asset and issues USDe in one transaction. The asset goes to an off-exchange settlement provider such as Copper or Ceffu, and the hedging system opens a short perpetual position of about the same size on a derivatives exchange.
Staking uses the StakedUSDe contract, an ERC4626 vault. You deposit USDe and receive sUSDe, whose USDe value rises as rewards are paid in every 8 hours and vest linearly over 8 hours. Rewards can only be positive or flat; negative revenue is meant to be absorbed by the Reserve Fund. Ethena says it allocates 0% of revenue to that fund at present, with 100% going to rewards and incentives.
How to start with Ethena
- Ethena is not available to US users.
- Its FAQ says US users cannot access the application, the terms of service list the United States among Prohibited Jurisdictions, and minting or redeeming requires a wallet whitelisted after KYC and AML checks. sUSDe is also not offered to residents of the European Union or European Economic Area.
- If you are outside those regions, the docs include video guides on buying USDe and staking it or ENA.
Ethena fees and limits
- The price you get already includes slippage and execution fees, and the minted amount is reduced by gas and the cost of placing the hedge, so about $100 of USDT yields about 100 USDe.
Ethena says it earns no profit from minting or redeeming USDe.
Risks to know before using Ethena
- The staking contract's admin role can set an unstaking cooldown of up to 90 days, and a Blacklister role can block addresses from holding sUSDe; Ethena says these restrictions exist for legal reasons, to keep sanctioned, criminal and other high-risk actors out.
- Backing sits with off-exchange custodians, and the custodial risk page notes that a custodian insolvency would cause operational issues for creating and redeeming USDe while assets move to other providers.
- Copper's Clearloop settles exchange PnL with Ethena daily.
Ethena usage
From DefiLlama (TVL) (fees users paid), updated Nov 10, 2026.
Ethena pros and cons
- Audits by Zellic, Quantstamp, Spearbit, Pashov and Code4rena
- Backing assets held with off-exchange custodians
- Risks page covers funding, custody and exchange failure
- Terms bar US persons, and US users cannot become Mint Users
- Negative funding rates can cut rewards
- Relies on centralized exchanges and custodians
Ethena FAQ
What is Ethena?
Ethena is the protocol behind USDe, a synthetic dollar whose backing is hedged with short perpetual positions, and sUSDe, its staked version that earns rewards. Its contracts were audited by Zellic, Quantstamp, Spearbit, Pashov and Code4rena. Its terms bar US residents from using the services.
How much value is locked in Ethena?
$5.4B according to DefiLlama on Nov 10, 2026. It is deployed on 2 chains: Ethereum, TON.
How much do users pay Ethena in fees?
$17.3M over the last 30 days, according to DefiLlama on Nov 10, 2026.
Does Ethena have a token?
Yes, ENA. Its market cap was $2.1B on CoinGecko on Nov 10, 2026. Educational content, not financial advice.
Is Ethena available in the US?
No, US persons are prohibited, according to Ethena’s own page (checked Sep 26, 2026).
Does Ethena hold my funds?
No. Ethena is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: Ethena: official site, Ethena: Terms of service, Ethena: Audits. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.