Enabling the Global Internet Bond_
Ethena Labs is an Ethereum-based synthetic dollar protocol offering a crypto-native alternative to traditional banking systems, featuring a globally accessible dollar-denominated rewards instrument called the "Internet Bond." Their synthetic dollar, USDe, is fully collateralized through delta-hedged Ethereum and Bitcoin assets, enabling scalable and composable money solutions across CeFi and DeFi. USDe maintains price stability via delta hedging of derivatives against protocol-held collateral, while the Internet Bond generates revenue from staked assets and market spreads to deliver an on-chain, crypto-native financial instrument.
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