Brief
USDe $5.9B synthetic dollar. USDtb uses BUIDL reserve (BlackRock). Co-building Converge with Securitize. Multi-leg partnership with Janus Henderson (June 2026): JAAA added as USDe reserve backing, USDe selected for JH treasury cash management, JH made strategic ENA investment, exploring USDe distribution via exchange-traded instruments.
Recent activity
Latest moves on the changelog feed.
- Jun 2, 2026NEW
Ethena → Janus Henderson. Multi-leg partnership: JAAA added as USDe reserve backing, USDe selected for JH treasury cash management, JH made a strategic ENA investment, and JH is exploring USDe distribution via exchange-traded instruments. A $493B asset manager wiring into a synthetic-dollar protocol across reserves, treasury, equity, and distribution.
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Jurisdiction
- Global
- Analytics
- defillama.com/protocol/ethena
Milestones
How this player got here.
- Jun 2026Multi-leg partnership with Janus Henderson. JAAA added as USDe reserve backing, USDe selected for JH treasury cash management, JH made strategic ENA investment, exploring USDe distribution via exchange-traded instruments.
- May 2026USDm partnership with MegaETH announced
- Mar 2025USDtb (T-bill backed) launched
- Dec 2024Crossed $3B supply
- Feb 2024USDe launched
Connections
Who they build with, build on, integrate with.
Flow
Capital, products, and distribution moving outward.
Dependency
Where this player builds on, integrates, or relies on others.
