Seed · Fintech · Lisbon, Portugal · Founded 2023 · 2–50 employees
Ethena Labs has built a synthetic dollar protocol on Ethereum that provides a crypto-native alternative to traditional banking systems. Their flagship product USDe is a yield-bearing synthetic stablecoin that scaled from zero to $15 billion in 18 months using delta-neutral hedging strategies. The company has raised $156 million across multiple rounds, with significant backing from major exchanges like Binance, Gemini, and Kraken. They've also developed USDtb, a fiat-backed stablecoin in partnership with BlackRock that reached $2 billion, and offer whitelabel stablecoin infrastructure for other applications.