Stability Matrix Explorer
Ethena Labs
None
Decentralized
Official LedgerEthena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system.
Total Circulating
$3.0B
Transparency Score
92/100
Audit Terminal
Last AttestationRecent
Issuer StructureCrypto-Backed
Expert Verdict
Innovative synthetic dollar protocol. High yield bearing model via delta-hedged strategy. Faster adoption than any previous stablecoin. Users should monitor collateral health and hedging risk.
Strength Points
Deep market penetration and multi-chain liquidity depth.
Risk Vectors
Centralization risk and potential regulatory gray zones in specific jurisdictions.
Network Exposure
Ethereum65%
Tron / Base / L235%