Ethena Labs launches USDe synthetic stablecoin on Ethereum

Ethena Labs/USDe

Ethena Labs launched USDe on Ethereum, a synthetic stablecoin using perpetual futures hedging instead of custodied reserves. Collateral is held on-chain as long crypto positions offset by short perpetual futures. USDe exceeded $1B supply within one month of launch, making it the fastest dollar-pegged crypto asset to reach that milestone.