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Ethena is a blockchain-based protocol on Ethereum designed to create a decentralized, crypto-native stablecoin called USDe. Unlike traditional stablecoins such as USDT or USDC, which rely on fiat reserves held in traditional banking systems, USDe is a synthetic dollar backed by cryptocurrency collateral and short futures positions. Ethena aims to provide a scalable, censorship-resistant, and globally accessible financial system that operates entirely within the crypto ecosystem.<h2>Key Features of Ethena</h2><ul><li>USDe Stablecoin: Known as the "Internet Bond," USDe maintains price stability through a delta-neutral strategy. This involves using staked ETH (stETH) as collateral while simultaneously opening short positions of equivalent value on derivatives exchanges. This approach minimizes exposure to market volatility.</li><li>Decentralization: Ethena operates using smart contracts and price oracles, eliminating reliance on traditional financial infrastructure. However, some derivative positions are executed on centralized exchanges, introducing partial centralization risks.</li><li>Governance: The protocol is governed by its community through a decentralized autonomous organization (DAO), with its native token, ENA, used for governance decisions.</li></ul>

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June 9, 2026 Janus Henderson acquired a stake in ENA.&nbsp;

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Ethena is a blockchain-based protocol on Ethereum designed to create a decentralized, crypto-native stablecoin called USDe.

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