Ethena
Ethena is a Stablecoin Issuers company founded in 2023. It has raised $120.5M in total funding, most recently a Growth in 2025.
Decentralized finance protocol issuing USDe, a crypto-native synthetic dollar using delta-neutral hedging strategies, with a market cap exceeding $5.8B. USDe market cap $5.8B+. ENA token launched April 2024. Rapidly growing but faces regulatory and systemic risk questions.
USDe is the largest non-fiat-backed stablecoin by market cap, proving that crypto-collateralized stable assets can scale to billions without traditional bank reserves.
ethena.fi ↗·Stablecoin Issuers··private 
