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 |
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.
Ethena usage
From DefiLlama (TVL) (fees users paid), updated Sep 26, 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 Sep 26, 2026. It is deployed on 2 chains: Ethereum, TON.
How much do users pay Ethena in fees?
$24.1M over the last 30 days, according to DefiLlama on Sep 26, 2026.
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.