Organization record
Record sog_issuer_ethena_labs
Ethena Labs
Ethena Labs develops USDe and related synthetic-dollar products.
- Category
- Company or corporate group
- Regulatory character
- Not recorded in canonical data
- Jurisdiction
- Unknown or not publicly resolvedUnknown or not publicly resolved
- Connected assets
- 3
- Relationships
- 3 current0 historical
- Evidence
- 10 source records
Identity and taxonomy
Overview
Public classification, legal-form state, jurisdiction, roles, confidence, and review state remain explicit.| Organization category | Company or corporate group |
|---|---|
| Canonical organization type | Protocol Company |
| Legal form | Not recorded in canonical data |
| Legal-form state | Not Recorded |
| Regulatory character | Not recorded in canonical data |
| Jurisdiction | Unknown or not publicly resolved |
| Jurisdiction scope | Unknown or not publicly resolved |
| Functional roles | Protocol operator |
| Relationship states | Active relationship |
| Primary display relationships | 3 |
| Official website | https://www.ethena.fi/ |
| Record confidence | Medium |
| Last reviewed | 2026-06-02 |
- Category
- Company or corporate group
- Regulatory character
- Not recorded in canonical data
- Jurisdiction
- Unknown or not publicly resolved
- Jurisdiction scope
- Unknown or not publicly resolved
- Functional roles
- Protocol operator
- Record confidence
- Medium
Connected assets
Relationships
Current, ended, and unknown relationships remain separate. Primary display is navigation only.| Stablecoin | Symbol | Functional role | Display | From | Until | State | Lifecycle |
|---|---|---|---|---|---|---|---|
| Ethena USDe | USDe | Protocol operator | Primary display | Not yet recorded | Not yet recorded | Active relationship | Active |
| Ethena USDtb | USDtb | Protocol operator | Primary display | Not yet recorded | Not yet recorded | Active relationship | Active |
| Staked USDe | sUSDe | Protocol operator | Primary display | Not yet recorded | Not yet recorded | Active relationship | Active |
Ethena USDe
Primary display- Role
- Protocol operator
- State
- Active relationship
- From
- Not recorded
- Until
- Not recorded
Ethena USDtb
Primary display- Role
- Protocol operator
- State
- Active relationship
- From
- Not recorded
- Until
- Not recorded
Staked USDe
Primary display- Role
- Protocol operator
- State
- Active relationship
- From
- Not recorded
- Until
- Not recorded
Material history
Events
Typed events and organization control actions remain linked to evidence.| Date | Event | Category | Subtype | Status effect |
|---|---|---|---|---|
| 2024-12-16 | Ethena launches USDtb | Launch and introduction | Launch | Remained active |
| 2024-02-19 | Ethena launches USDe | Launch and introduction | Launch | Remained active |
| Not yet recorded | sUSDe operates as Ethena's reward-accruing USDe vault receipt | Governance and protocol change | Protocol Model Update | Remained active |
Ethena launches USDtb
Launch and introduction · Launch
Remained activeEthena launches USDe
Launch and introduction · Launch
Remained activesUSDe operates as Ethena's reward-accruing USDe vault receipt
Governance and protocol change · Protocol Model Update
Remained activeProvenance
Evidence
Source identity, publication date, reliability, archive state, and relation count remain separate.| Source | Publisher | Source category | Provenance | Primary or secondary | Supported claims | Archive | Reliability |
|---|---|---|---|---|---|---|---|
| Ethena documentation for USDe Published Not yet recorded | Ethena Labs | Official statement or announcement Canonical: Issuer Statement | Subject-controlled source | Primary source | Entity Collateral Redemption, Usde Synthetic Dollar Lifecycle Context, Entity Identity, Active Product, Relationship to Usde, Entity and Current Status | Archive index or wildcard | High |
| Ethena Shard Campaign: Epoch 1 Published 2024-02-19 | Ethena Labs | Official statement or announcement Canonical: Official Statement | Subject-controlled source | Primary source | Official Public Launch Date | No archive recorded | High |
| USDe Overview Published Not yet recorded | Ethena | Official documentation or product page Canonical: Protocol Docs | Subject-controlled source | Primary source | Usde Backing Mint Redeem and Synthetic Dollar Classification | No archive recorded | High |
| USDe Terms and Conditions Published Not yet recorded | Ethena | Legal terms or disclosure Canonical: Legal Terms | Subject-controlled source | Primary source | Usde Redemption Eligibility and Non Yielding Asset Context | Direct archived snapshot | High |
| Ethena USDtb documentation Published Not yet recorded | Ethena | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Entity Identity, Reserve Composition, Stablecoin Liquidity Reserve, Entity and Reserve | Archive index or wildcard | High |
| Ethena USDtb launch announcement Published Not yet recorded | Ethena | Official statement or announcement Canonical: Official Statement | Subject-controlled source | Primary source | Launch, Product Identity, Launch Date Support, Launch and Identity | Archive index or wildcard | High |
| Ethena custodian attestations Published Not yet recorded | Ethena | Reserve, assurance, or financial report Canonical: Reserve Report Index | Assurance or financial-report source | Primary source | Custodian Attestations, Reserve Reporting, Custody and Attestations | Archive index or wildcard | High |
| Ethena Leverages Curve Finance to Support USDtb Launch Published 2024-12-16 | Curve Finance | Official statement or announcement Canonical: Official Ecosystem Publication | Subject-controlled source | Primary source | Launch Date, Product Launch, Curve Distribution, Dated Usdtb Launch Confirmation | Archive index or wildcard | High |
| sUSDe rewards mechanism Published Not yet recorded | Ethena | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Token Vault, Exchange Rate Accrual, Underlying Usde, Income and Wrapper Mechanics | Archive index or wildcard | High |
| Staking USDe Published Not yet recorded | Ethena | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Stake Usde, Unstake, Variable Rewards, Subscription Redemption and Rewards | Archive index or wildcard | High |
Ethena documentation for USDe
- Publisher
- Ethena Labs
- Published
- Not recorded
- Reliability
- High
Ethena Shard Campaign: Epoch 1
- Publisher
- Ethena Labs
- Published
- 2024-02-19
- Reliability
- High
USDe Overview
- Publisher
- Ethena
- Published
- Not recorded
- Reliability
- High
USDe Terms and Conditions
- Publisher
- Ethena
- Published
- Not recorded
- Reliability
- High
Ethena USDtb documentation
- Publisher
- Ethena
- Published
- Not recorded
- Reliability
- High
Ethena USDtb launch announcement
- Publisher
- Ethena
- Published
- Not recorded
- Reliability
- High
Ethena custodian attestations
- Publisher
- Ethena
- Published
- Not recorded
- Reliability
- High
Ethena Leverages Curve Finance to Support USDtb Launch
- Publisher
- Curve Finance
- Published
- 2024-12-16
- Reliability
- High
sUSDe rewards mechanism
- Publisher
- Ethena
- Published
- Not recorded
- Reliability
- High
Staking USDe
- Publisher
- Ethena
- Published
- Not recorded
- Reliability
- High
Uncertainty
Known unknowns
Reviewed gaps remain visible instead of being converted into false certainty.backing_redemption_risk
USDe backing dashboard, custodial setup, delta-hedging venues, reserve fund, mint/redeem eligibility, and jurisdictional restrictions need deeper source-backed review.
- Severity
- High
- Last checked
- 2026-06-02
Keep visible until exact Ethena risk, backing, and mint/redeem sources are reviewed.
legal_claim_and_issuer_structure
Current public documentation explains backing and product operation but does not fully resolve the token holder's legal claim, reserve ownership, and all issuing or service entities.
- Severity
- High
- Last checked
- 2026-06-15
Legal profile remains conservative until terms specific to USDtb are normalized.
direct_mint_and_redemption_access
The exact current list of approved creation and redemption counterparties, minimums, fees, and settlement routes is not fully public in one durable source.
- Severity
- Medium
- Last checked
- 2026-06-15
General holders should not be represented as having unrestricted issuer redemption.
exact_launch_date
Current official materials establish sUSDe's active design but the canonical day-level launch date is not normalized in this batch.
- Severity
- Low
- Last checked
- 2026-06-15
Keep launch_date null pending a dated primary source.
current_reward_rate_and_cooldown
sUSDe rewards and unstaking conditions are variable and are not snapshotted as a permanent record value.
- Severity
- Medium
- Last checked
- 2026-06-15
Requires periodic protocol-state monitoring.
Maintenance