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Crypto Startup Ethena Raises $6M for Ethereum-Backed Stablecoin USDe

Crypto startup Ethena has raised $6 million in seed funding led by Dragonfly for its new stablecoin, USDe, which is secured by ethereum derivatives. To maintain its dollar peg, USDe uses collateral from users to hedge price exposure by shorting ethereum using perpetual swaps, holding equal amounts of staked ETH and perpetual swaps to cancel out any gains or losses.

Alongside the stablecoin, Ethena is developing a digitally native Internet savings bond generating yield from a combination of staked ETH and swap margins. The company hopes to launch both the stablecoin and bond asset in the coming months, after completing the testnet phase in Q3.

Ethereum Ethereum $4,494.51
-2.6%
seed funding stablecoin
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