01 /
Brief
Ethena's reserve-backed stablecoin. ~$1.5B supply. 90%+ backed by BlackRock's BUIDL, remainder in USDC for redemption liquidity. Serves as safe-haven collateral for USDe during negative funding.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Jurisdiction
- Global
03 /
Milestones
How this player got here.
- Oct 2025Anchorage Digital became regulated custodian and issuer; full US compliance
- Mar 202524/7 atomic swaps with BUIDL enabled via Securitize Converge
- Mar 2025BUIDL allocation raised by additional $200M
- Dec 2024Launched with 90%+ BlackRock BUIDL backing
04 /
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
