13 stablecoins are already backed by USDe and USDtb ➥ And more are coming Ethena has evolved from just issuing $USDe and $USDtb into a full SaaS platform, letting any chain, app, or wallet create its own stablecoin powered by Ethena’s system Partners keep most of the earnings from the backing assets, while @ethena_labs earns a smaller share as protocol revenue. USDe is YBS with $10.7B supply with ATH $14B and an average 19% APY, while USDtb is T-bill backed and fully compliant, managed by BlackRock and Anchorage ➥ Protocols like Ethereal, Terminal, Strata, infinifi, Re, Neutrl and Jupiter are already building their own stablecoins through Ethena The stack is expanding across Ethereum, Ton, Converge, Berachain, Sui, MegaETH, and Caldera Who benefits most ↓ ▸ Wallets: Turn idle stablecoins into yield products ▸ Perp DEXs: Earn from idle balances and fund ecosystem growth ▸ Prediction Markets: Add base yield to locked capital and boost liquidity ▸ Neobanks: Launch branded stablecoins to make user funds more productive ➥ Over $25B in mint/redeem volume and zero depegs prove Ethena’s strength and trust