Ethena

Issuer of USDe, a synthetic dollar backed by crypto held against equal short futures positions rather than by cash in a bank. In 2025 Germany's BaFin ordered its German company, Ethena GmbH, to wind up its USDe business there after finding serious deficiencies; Ethena objected and the orders were not yet final.

They hold the keys
Visit Ethena → All stablecoin issuers

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The listing at a glance

  • They hold the keysCoins you leave with Ethena are held by Ethena, not by you.
  • ethena.fiIts official site, as CoinGecko and DefiLlama also list it. Listed by DefiLlama
  • No commercial linkWe earn nothing if you sign up.
  • Updated 20 Oct 2026The last time we edited this listing.

What Ethena is

Ethena issues USDe, a digital dollar token, and sUSDe, a staked version of USDe that accrues rewards over time. USDe is integrated with centralised exchanges, custodians, and onchain platforms, allowing it to be used as collateral or held directly by partners and users. Since USDe launched in February 2024, Ethena reports more than $30bn has moved through its mint and redeem systems.

Backing assets for USDe are held with third-party custodians, and Ethena publishes real-time data on these assets along with proof-of-reserves attestations. The company has also undergone a SOC 2 Type II audit covering its operational security controls, reported with zero exceptions noted.

Before you go

Make sure it is really Ethena

Lookalike sites copy crypto companies to take people’s coins. Paste any link that claims to be Ethena and we will tell you whether it is the official site, or only resembles it. We do not keep what you paste.

  1. 1
    Go from here, or type itethena.fi is the address in our listing. Bookmark it rather than following an ad or a message.
  2. 2
    Check any other linkSearch says whose official site a link is, and warns when one resembles a site we know.
  3. 3
    Never share your recovery phraseNo real company asks for it: not support, not an update, not a “verification”.

This listing is our own opinion. We are not affiliated with Ethena beyond any commercial relationship disclosed above, we never take custody of your assets, and nothing here is financial advice. Verify anything that matters against the company's own site before acting on it.