Ethena (ENA) is a synthetic dollar protocol on Ethereum, introducing a new type of stablecoin called USDe. Ethena aims for greater decentralization, accessibility, and security with USDe. Unlike fiat stablecoins, USDe provides a crypto-native solution, offering decentralized and scalable money that's independent of traditional banking. The "Internet Bond", a dollar-denominated savings tool, is part of this innovation, accessible globally and powered by Ethereum staking and derivatives market dynamics.

Ethena's USDe, unlike fiat stablecoins such as USDC or USDT, is collateralized with crypto assets and short futures positions, introducing unique risks.