Ethena Labs

Enabling the Global Internet Bond.

Ethena Labs builds synthetic dollar protocols on Ethereum, creating what they call 'internet money' for the global economy. Their flagship product, USDe, is a synthetic dollar backed by digital assets that uses a delta-neutral hedging strategy to maintain its peg — scaling from zero to $15 billion in 18 months. The protocol holds crypto collateral like staked Ethereum and Bitcoin while taking short positions in perpetual futures to stay delta-neutral. Beyond USDe, they offer sUSDe as a yield-bearing savings asset (averaging 11.2% APY since launch), iUSDe for traditional financial institutions with compliance features, and USDtb, a fiat-backed stablecoin developed with BlackRock that has reached $2 billion. Ethena also provides white-label stablecoin infrastructure, letting any application, chain, wallet, or exchange launch their own stablecoin on Ethena's backend.

Products

USDe is Ethena's core synthetic dollar that maintains its peg through delta-neutral hedging — holding spot crypto assets while shorting corresponding futures contracts. sUSDe serves as the yield-bearing version, generating returns through staking rewards and funding rates from derivatives markets. iUSDe targets traditional financial institutions with built-in compliance features. USDtb is a fiat-backed, GENIUS-compliant stablecoin created with BlackRock. The white-label offering lets partners launch custom stablecoins with flexible backing assets across different blockchains. Recent expansions include integrating real-world assets like tokenized CLOs and launching HyENA, a USDe-margined perpetuals exchange on Hyperliquid.

Funding

Ethena has raised approximately $156 million across multiple rounds since 2023. Key investors include Dragonfly Capital, Maelstrom Capital, BH Digital, OKX Ventures, and Franklin Templeton. Early seed rounds in 2023 and 2024 totaled over $20 million. The company secured $100 million in a strategic round in early 2025, followed by another $16 million in March 2025. Recent strategic backing has come from Coinbase Ventures and asset manager Janus Henderson.

Recent news

In June 2026, Ethena announced major partnerships to expand its mainstream adoption: it teamed up with Coinbase to launch a high-yield USDe savings vault for over 100 million users and secured a strategic investment and collaboration with the $480 billion asset manager Janus Henderson to integrate JAAA tokenized CLOs into its reserve portfolio {11, 12, 14, 15}. Additionally, Ethena allocated $250 million to Securitize’s STAC tokenized fund, marking a significant push into institutional-grade real-world asset diversification {13}.

Technology

Built primarily on Ethereum using Solidity for smart contracts and EVM tooling for development. Security and operations rely on Tenderly for contract analysis, Foundry for testing and simulation, and trace analysis tools. Treasury management integrates with Gnosis Safe, Coinbase Prime, Anchorage, and Fireblocks for custody operations. The protocol interacts with major DeFi platforms including Aave, Morpho, and Stargate. Frontend development uses React, with backend services in Python and data management through PostgreSQL and Redis. Infrastructure runs on AWS and Vercel for scalability.

Benefits

Ethena operates as a fully remote, globally distributed team with flexible work arrangements and no geographical constraints. The company offers competitive compensation with equity packages, health coverage (medical, dental, vision) for US and Canadian employees, and 12 weeks of paid parental leave after one year. Remote work support includes necessary equipment and up to $500-750 reimbursement for home office setup. Employees get unlimited PTO, all federal holidays, plus a week-long end-of-year break. The company reimburses up to $100-130 monthly for local colleague meetups and provides 401(k) options for US staff.