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Ethena
Synthetic dollar protocol and digital-dollar payments app
About Ethena
Ethena Labs develops the Ethena protocol and USDe, a synthetic dollar built on crypto rails. USDe keeps its dollar value through a delta-neutral strategy: spot crypto collateral such as staked ether and bitcoin is hedged with matching short perpetual and futures positions on derivatives exchanges, while the assets sit with off-exchange custodians rather than on the exchanges themselves.
Its products include USDe; sUSDe, the staked, reward-bearing version that passes protocol income to holders; and USDtb, a payment stablecoin backed mainly by tokenized US Treasury funds and now issued by Anchorage Digital Bank. Ethena Pay is a self-custodial mobile app to save, send and spend digital dollars, with onramps, transfers and card spending.
Customers are crypto exchanges, DeFi protocols, institutions and retail users, with USDe integrated as trading collateral and savings asset across major centralized exchanges and DeFi applications. The protocol earns staking rewards, funding rates and reserve yields on its backing assets, most of which flows to sUSDe holders, while Ethena Pay targets consumer payments.
Source: Dealroom company dataAt a glance
- Status
- Operational
- Founded
- 2023
- Headquarters
- Lisbon, Portugal
- Employees
- 13
- Open positions
- 2
- Dealroom signal
- 78.1/100
- Industry
- Fintech
- Sub-industry
- Crypto and DeFi
- Sector
- Fintech, Ethereum
- Technology
- Blockchain
- Business model
- SaaS
- Client focus
- B2B
- Investment activity
- 2 companies, latest Sep 2025
- Capital deployed
- $10M
- Preferred round
- SERIES A
News
More headlines
Funding history
1 token-sale event is listed separately and excluded from the company funding total.
| Deal type | Date | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| EARLY VCOther financing | Oct 2025 | $30M | $120M | MEXC Global | ↗ |
| EARLY VCOther financing | Sep 2025 | $0 | — | YZi Labs | ↗ |
Growth signals
Latest recorded traffic for Ethena is 100K monthly website visits, up 0% over the last three months. Ethena's team declined 7.1% over the past year.
Open positions
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Investments and acquisitions
Recent portfolio relationships for companies that also act as investors or acquirers.
BasedSingaporeIntegrated crypto application for onchain activity
$46Mvaluation
UsualParis, FranceAn innovative protocol redefining finance with transparency and inclusivity
$40Mvaluation
Ethena in the Lisbon ecosystem
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Investors
From Dealroom's funding and investor records, grouped by the round each investor first entered.
Seed8 investors entered at this stage
Gemini
HTX
Maelstrom
Arthur Hayes
Dragonfly Capital Partners
Bybit
Deribit
OKX Ventures
Series A4 investors entered at this stage
- MVMEXC Ventures
ArkStream Capital
YZi Labs
MEXC Global
Other known investors4 additional known investors
Source: Dealroom Talent Intelligence.
Global footprint
team presence
Market sentiment
An AI-synthesised read of the highest-engagement posts about Ethena on X, ranked by likes and reposts, corporate channels excluded.
Reading the room on X — pulling top posts and synthesizing themes…
Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour
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