01 /
Brief
USDe $5.9B synthetic dollar. USDtb uses BUIDL reserve (BlackRock). Co-building Converge with Securitize.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Jurisdiction
- Global
- Analytics
- defillama.com/protocol/ethena
03 /
Milestones
How this player got here.
- May 2026USDm partnership with MegaETH announced
- Mar 2025USDtb (T-bill backed) launched
- Dec 2024Crossed $3B supply
- Feb 2024USDe launched
04 /
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.
