Ethena Labs

Since its inception, Ethena has been exploring various options and jurisdictions when it comes to regulatory frameworks globally that would be conducive to our business, and as a result we have multiple entities within our structure facilitating minting and redemption. A MiCAR authorization via Ethena GmbH was one of various options we have been pursuing.

We were informed today that Ethena GmbH’s application under the MiCAR regulatory framework will not be approved. While we are disappointed by this decision, we will continue to evaluate alternative frameworks.

To be clear, the decision will in no way disrupt any current listings of USDe, or minting and redemption via Ethena (BVI) Limited (which services the vast majority of our mint users) and USDe remains fully backed. Contrary to reports, no assets have been "frozen" and all remain available for redemption. We will be revising our Terms accordingly in the coming week.

Despite the largest exchange hack in history occurring in the last week, the weekly distribution for sUSDe has been finalised at ~9% APY

sUSDe: ~9%
sUSDS: ~7%
aUSDC: ~5%
aUSDT: ~4%
BFUSD: ~3%

Just use Ethena

https://ethena.fi/

Announcing two new Pendle pools:

i) eUSDe with @etherealdex, expiring May 29, earning Ethena Rewards at 50x & Ethereal points

ii) USDe, expiring July 31, earning max Ethena Rewards at a NEW max rate of 60x

Interactions with Ethena post S3 expiry will be eligible for S4 rewards, with further details on S4 to be provided next month

Ethena and Exchange Risk: Bybit Case Study

As the dust settles on the events of last weekend, we wanted to provide an in-depth breakdown of how the protocol handled what many thought would be a “worst case scenario” event for USDe

Link in post below:

We are aware of the situation currently evolving with Bybit and are continuing to monitor developments.

As a reminder: all spot assets backing USDe are held in off exchange custody solutions, including ByBit via Copper Clearloop for this precise reason.

Not a single dollar of spot backing value is held on any exchange, including Bybit.

Currently there is <$30m of aggregate unrealised PNL relating to Bybit hedge positions, which is less than half of the reserve fund.

USDe remains more than fully collateralised at this time.

We will provide updates as we receive them.

Ethena was covered in @ARKInvest "Big Ideas 2025", full link below:

Within one week since the largest liquidation event in history

Funding is back to ~10%

Research piece linked below: an inside look at the largest liquidation event in history, and how Ethena can benefit from these dislocations

My body is ready

Is yours?

We are excited to share that up to $1.1bn of direct allocation of USDe and sUSDe has been approved for integration into the @sparkdotfi Liquidity Layer

Details below on the partnership 👇🏻

Thank you all for the support in the last year, Ethena would be nothing without our users and everyone who believed in the vision

There is no 2024; we love you

Henlo

Q5?

How about tomorrow

Excited to announce @usualmoney is migrating to USDtb as collateral for their stablecoin USD0

This is the latest of many cutting-edge stablecoin protocols leveraging the composable benefits of Ethena's product set

Details below 👇

Today we are launching our new stablecoin product, USDtb, backed by @BlackRock's BUIDL Fund in partnership with @Securitize

Read below for full details👇

You must not be afraid to dream a little bigger, darling