01 /
Brief
Ethena's synthetic dollar. $5.9B supply. Delta-neutral strategy using staked ETH and short futures. USDtb variant backed by BUIDL.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Jurisdiction
- Global
03 /
Milestones
How this player got here.
- Jan 2026Kraken appointed as official institutional custodian
- Jan 2026Gas-free USDe transfers via Safe Foundation partnership; 10x Sats Points
- 2025Became third-largest stablecoin globally, peak market cap exceeded $14B
- Dec 2024Crossed $3B supply
- Feb 2024USDe launched by Ethena
04 /
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
