Ethena Labs

Enabling the Global Internet Bond_

Founded 2023

Portugal 12 employees Total: $146.00M Blockchain, Crypto +3

General Information

Company Name Ethena Labs

Founded Year 2023

Location

Portugal

Employees 12

Industries Blockchain, Crypto, Defi +2

Business Model B2B, B2C, Platform

Revenue Model Usage Based, Service Fee

Offices as of Aug 2026

Lisbon, Portugal

Social

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Recorded by Bounce Watch from public sources. Every entry below carries the date we observed it, and when we have not looked recently the page says so rather than leaving silence to imply nothing happened.

New Partnership Oct 07, 2026

A partnership was announced where USDE, Ethena's synthetic dollar, is now available as a tokenized security through @bstocksfinance.

Major Customer Win Oct 06, 2026

Ethena Labs secured EtherFi as a major customer for its Whitelabel stablecoin solution, managing end-to-end services for their stablecoin, which accounts for over $300M in stablecoin deposits.

Growth Metrics Sep 30, 2026

Standard Chartered forecasts potential USDe growth of approximately 8x for Ethena Labs in the next 2 years.

Pricing Changed Sep 26, 2026

Ethena Labs announced a significant change to its USDe token incentives, which have declined by ~85% since 2024, resulting in zero incentives and inflation from the end of September 2026.

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About Ethena Labs

Ethena Labs, founded in 2023, offers a pioneering synthetic dollar protocol on the Ethereum blockchain, empowering the financial landscape with their slogan: "Enabling the Global Internet Bond". Situated in Portugal, this innovative startup straddles the intersection of Blockchain, Crypto, DeFi, Finance, and Fintech industries.

Ethena’s flagship product, the USDe, introduces a crypto-native, scalable currency solution, delinked from traditional banking infrastructure. By leveraging delta-hedging of Ethereum and Bitcoin collateral, USDe achieves peg stability, functioning seamlessly across both Centralized and Decentralized Finance platforms.

Their novel introduction of the 'Internet Bond' integrates revenues from staked assets and perpetual market spreads to offer a purely on-chain, crypto-native monetary solution.

Recently securing a $10.00M Early VC investment from Ryz Labs in September 2025, Ethena Labs is positioned to redefine DeFi financial instruments and provide viable alternatives to traditional finance structures.

Business keywords: Synthetic Dollar, USDe, Ethereum, DeFi Protocol, Crypto-native Financial Solutions, Delta Hedging, Collateralized Backing, Stablecoin, Censorship-resistant Currency, Onchain Financial Instruments, Blockchain Technology, Crypto-native Yield, Perpetual Markets, Futures Markets, Decentralized Finance

Services & Products

Digital Currency Supply

Decentralized Finance Solutions

APY Earnings

Target Customers

Cryptocurrency Users Blockchain Enthusiasts Fintech Startups DeFi Investors

Funding Rounds & Investors (5)

View All

Funding Stage	Amount	Investors	Lead Investors	Date
Early VC	$10.00M	1	Ryz Labs	01 Sep 2025
Early VC	$16.00M	1	MEXC Ventures	01 Mar 2025
ICO	$100.00M	5	Pantera Capital, F-Prime Capital +3	01 Dec 2024
Early VC	$14.00M	2	Maelstrom, Dragonfly Capital Partners, LLC	01 Feb 2024
Seed	$6.00M	8	Arthur Ventures, Deribit +6	01 Jul 2023

Latest News

View All

Paxos pitches PayPal, Venmo rails in bid to issue Hyperliquid USDH stablecoin

Theblock.co Nov 23, 2025

Paxos Unveils USDH Proposal V2 With PayPal, Venmo Integrations

Unchainedcrypto.com Sep 11, 2025

Paxos’ New Proposal for Hyperliquid’s USDH Stablecoin Includes PayPal Integration

Cryptonews.com Sep 10, 2025

Paxos updates USDH stablecoin bid with PayPal, Venmo integration plans

Cointelegraph.com Sep 10, 2025

Ethena Labs Alternatives & Competitors

View All Alternatives

Ethena Labs vs

Interlay Network United Kingdom

Interlay is a network that unlocks decentralized (financial) use cases for BTC

Venture round

1 employees

Blockchain, Crypto

Ethena Labs vs

StakeHound Switzerland

Bringing DeFi and Staking Together

Seed

2 employees

Blockchain, Crypto

Ethena Labs vs

Pods Brazil

Building onchain finance for neobanks. Yield, RWAs, Fixed-quote swaps, Loans and more.

Venture round

22 employees

Blockchain, Crypto

View all alternatives

FAQ About Ethena Labs

Enabling the Global Internet Bond_

Ethena Labs was founded in 2023.

Ethena Labs is headquartered in Portugal. As of Aug 2026, it also has offices in Lisbon, Portugal.

Ethena Labs operates in Blockchain, Crypto, Defi, Finance and Fintech. Its work centres on Synthetic Dollar, USDe, Ethereum and DeFi Protocol. Its customers include Cryptocurrency Users, Blockchain Enthusiasts and Fintech Startups.

Ethena Labs has a B2B, B2C and Platform business model. Its revenue comes from Usage Based and Service Fee.

Ethena Labs has approximately 12 employees.

Ethena Labs has completed 5 funding rounds, raising a total of $146.00M.

Ethena Labs offers: Digital Currency Supply, Decentralized Finance Solutions, APY Earnings.

Top alternatives and competitors to Ethena Labs include Interlay Network, StakeHound, Pods, Augmint, bitSmiley. These companies operate in related industries and serve comparable markets. You can compare them side by side on Bounce Watch.

Ethena Labs and Interlay Network are both companies in similar industries. Compare their funding, team size, growth signals, and market position on Bounce Watch to see which one fits your needs.

Source: BounceWatch company record for Ethena Labs, https://bouncewatch.com/company/ethena-labs, updated 29 August 2026. When citing, please name BounceWatch and link this page.

Ethena Labs

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Services & Products

Target Customers

Funding Rounds & Investors (5)

Latest News

Ethena Labs Alternatives & Competitors

FAQ About Ethena Labs