About Ethena USDe

Ethena Labs' USDe is a fully-backed, on-chain, scalable, and censorship-resistant synthetic dollar maintained through a delta-neutral hedging strategy. This mechanism supports the 'Internet Bond,' a crypto-native, yield-bearing, dollar-denominated savings instrument. USDe's peg stability comes from automated hedges on its collateral assets. By offsetting price changes, the collateral's USD value remains stable. Ethena minimizes leverage, using staked Ethereum assets as margin. Users can acquire USDe through liquidity pools, while approved entities can mint/redeem directly. Backing assets are held within the crypto-system, eliminating reliance on traditional banking. Users can also profit from cross-market arbitrage. For example, a user deposits ~$100 of stETH and receives ~100 USDe, with E...