Stablecoin
for every
chain
app

Partners Building on Ethena Stablecoin-as-a-Service Stack

Only One

Why Ethena?

The only $15b+ issuer with whitelabel stablecoin offering

Trusted Issuer at ScaleOnly $15b+ issuer with whitelable stablecoin offering and immaculate track record of $25b+ issuance with zero issues or downtime

Maximum FlexibilityIssuer retains optionality to adjust backing assets in changing interest rate environments between GENIUS compliant Blackrock backed stablecoin and crypto-native dollar with a higher-upside underlying revenue profile

Instant DeploymentOut-of-the-box structure and techinical deployment support to enable rapid go-to-market across Solidity, Rust and Move programming languages and all popular VMs

Unmatched Liquidity PotentialEthena Whitelabel products may enable access to multi-billion-dollar stablecoin liquidity via USDe backing, subject to Ethena governance (assuming this is published before governance)

All in one

Your Stablecoin, Ethena Infrastructure

Own your Stablecoin

Ethena simplifies the journey of launching & managing your own stablecoin.Control, superior economics, and robust reserves transparency are at it's centre.Enables you to focus on your product while retaining the economics of stablecoins within your ecosystem.

Best in class rewards

Flexible Backing Assets

USDe is the 3rd largest crypto dollar, fully collateralized with crypto assets and corresponding short futures positions.

19%
2024 AVG sUSDe APY

USDtb is the 8th largest stablecoin, backed by high quality short duration cash-equivalents, namely BlackRock's BUIDL.

BlackRockBUIDL
FUNDS MANAGED BY
GENIUS COMPLIANT

Customize your Stablecoin's backing

USDtb

50%

USDe

This calculation is based on a USDtb Rewards of 4.2% and USDe Rewards of 13%. Neither USDe nor USDtb holders are entitled to rewards solely by virtue of holding the assets. Figures provided above are illustrative only; any available rewards are provided by third parties and subject to their applicable Terms of Service.

Monitor and manage

Client Dashboard

Case Study

Ethena Powered Stablecoins in Practice

MegaETH introduced USDm, a stablecoin backed by USDtb reserves. Designed to subsidize sequencer fees and stabilise transaction costs, USDm anchors low-cost scalability across the MegaETH ecosystem.

Sui introduced suiUSDe and USDi, native dollar assets built on Ethena’s Stablecoin-as-a-Service stack. Backed by USDe and USDtb, they power DeFi and payments while embedding Ethena’s infrastructure into the fast-growing Sui network.

Neutrl integrates USDe as a core asset within its basis strategies. Combining OTC deal flow with delta-neutral hedging, Neutrl delivers stable, crypto-native yield and broadens investor access to institutional-grade performance.

InfiniFi introduced iUSD, a stable asset powered by Ethena’s delta-neutral strategies. Users can mint, set exit horizons, and earn scalable yield—aligning liquidity, duration, and rewards through a transparent DeFi-native model.

Frax launched a $250M USDe–FRAX liquidity program via the Curve AMO. The partnership deepens on-chain dollar liquidity, diversifies yield sources, and strengthens the shared vision of building a unified on-chain dollar economy.

Jupiter launched JupUSD, a native stablecoin built on Ethena’s Stablecoin-as-a-Service stack. Backed by USDtb and integrated across Jupiter’s products, JupUSD anchors ecosystem liquidity with future support for USDe.

Security

Audited, Verified, and Battle-Tested

Ethena infrastructure undergoes rigorous security audits and real-time reserves verification to provide the highest level of assurance.

Fully Audited by Industry Leaders

Audits by Zellic, Quantstamp, Spearbit & Cantina
No critical or high vulnerabilities reported
Public audit via Code4rena for open security validation