USDe to Fiat Converter

Ethena is a synthetic dollar protocol built on Ethereum, offering a crypto-native alternative to traditional banking infrastructure. Its synthetic dollar, USDe, is designed to be censorship-resistant, scalable, and stable, achieved through delta-hedging staked Ethereum collateral. USDe is fully backed on-chain and can be freely used across DeFi applications.

The protocol ensures USDe's peg stability by delta-hedging derivatives positions against collateral held by the protocol, along with a mint-and-redeem arbitrage mechanism.

Ethena also introduces the 'Internet Bond,' a dollar-denominated savings instrument that combines yield from staked Ethereum with funding and basis spreads from perpetual and futures markets. This creates an onchain crypto-native savings solution for users in supported jurisdictions.

The content is for informational purposes only and does not constitute financial advice.