Which stablecoins does Ethena issue?

USDE (reference data as of 2026-10-26).

Which licences does Ethena hold?

No MiCA authorisation — BaFin ordered wind-down of Ethena GmbH USDe business (BaFin, Confirmed Non-Compliance). Source links on the page.

← All issuers

In short: Ethena issues USDE (issuing entity: Ethena (BVI) Ltd.; Ethena GmbH (Germany, wound down by BaFin order)). Headquarters: BVI. Status: Active. Licences on record: 1 (0 authorised; 0 confirmed on a regulator's official public register). Reserve reports: weekly (per ethena) (Various (per Ethena)). Reference data as of 2026-10-26.

Ethena Not verified

Ethena (BVI) Ltd.; Ethena GmbH (Germany, wound down by BaFin order)

StatusActive

VerificationVerified

CoverageExperimental

Licences0 / 1

SRS53

Profile as of2026-10-26

Regulatory Compliance Score

Weighted from public, sourced inputs · 94% of inputs available

Not legal advice; algorithmic assessment from public sources.

USDE peg · 7 daysCoinGecko sparkline · deviation vs $1 · shaded band ±0.5% LIVE

Pins: computed 7d high/low. No reference events dated within this window.

◎Peg deviation (live)-5.4 bps

$Supply 30d → now (DefiLlama)$4.58B

↔24h volume (CoinGecko)$20.6M

⛓Chains with supply31

Company

HQBVI

Founded2023

LeadershipGuy Young (founder)

ModelSynthetic dollar (delta-hedged)

Websiteethena.fi ↗

Products & supply LIVE

USDE$4.58B · -5.4 bps

Total (CoinGecko)$4.58B

30d ago$4.93B

7d ago$4.68B

1d ago$4.59B

now$4.58B

7d price deviation (bps):

Distribution

Ethereum

$2.45B53.5%

Plasma

$607.9M13.3%

Base

$380.0M8.3%

Robinhood Chain

$368.8M8.0%

Solana

$318.3M6.9%

TON

$140.7M3.1%

Monad

$117.2M2.6%

BSC

$78.3M1.7%

Mantle

$78.3M1.7%

Avalanche

$13.8M0.3%

Supply by chain · DefiLlama (live)

Products REFERENCE · issuer official site · as of 2026-10-26

USDe

Synthetic dollar

ethena.fi ↗source · 2026-10-26

USDtb

Stablecoin backed by tokenized treasury funds

whitelabel.ethena.fi ↗source · 2026-10-26

Official partners (123) REFERENCE · issuer official site · as of 2026-10-26

Anchorage

Anchorage Digital is a regulated crypto platform that provides institutions with integrated financial services and infrastructure solutions

anchorage.com ↗source · 2026-10-26

BitGo

BitGo is a digital asset infrastructure company providing secure custody, trading, and financial services for institutions with $90B+ assets

bitgo.com ↗source · 2026-10-26

Ceffu

Ceffu is an institutional digital asset platform offering custody and liquidity solutions to secure, manage, and utilize your crypto assets

ceffu.com ↗source · 2026-10-26

Coinbase Custody

Coinbase Vault storage combines physical security, consensus computation, and strict process controls into one world-class solution.

coinbase.com ↗source · 2026-10-26

Copper

The market's first off-exchange settlement solution. Trade freely on centralised exchanges without moving your assets from Copper's secure M

copper.co ↗source · 2026-10-26

Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets.

fireblocks.com ↗source · 2026-10-26

Komainu

Komainu offers clients a regulated digital asset custody solution that is secure, segregated, and verifiable on the blockchain.

komainu.com ↗source · 2026-10-26

Zodia

Empowering global institutions to navigate the digital asset landscape simply, safely, and without compromise.

zodia-custody.com ↗source · 2026-10-26

Listed by the issuer itself; listing ≠ endorsement.

Licences & authorisations worldwide (1 · 0 ✓ verified on register) REFERENCE · regulator registers / issuer disclosures · as of 2026-10-26

Jurisdiction	Regulator	Licence / status detail	Date	Status	Evidence
EU-DE	BaFin	No MiCA authorisation — BaFin ordered wind-down of Ethena GmbH USDe business	15 Apr 2025	Confirmed Non-Compliance	Reported

Reserves, custody & attestation

AssuranceCustodian attestations + on-chain proof (per Ethena)

Audit / attestation firmVarious (per Ethena)

FrequencyWeekly (per Ethena)

Composition (per issuer)Crypto collateral hedged with perps, stablecoins

CustodiansOff-exchange settlement providers (per Ethena)

Latest disclosedTransparency dashboard

Evidencereport ↗

Redemption terms

Whitelisted minters/redeemers only

Controls: freeze / clawback / admin

freezeBlacklist

clawbackredistributeLockedAmount

multisigMultisig admin

upgradeVaries

Frozen / blacklisted / seized

No public freeze/blacklist statistics found.

Government & public sector partnerships REFERENCE · issuer newsroom / official government sites · as of 2026-10-26

Official newsroom not yet checked for this issuer.

Government & law-enforcement cooperation

No public info.

Regulatory actions & enforcement history

ConfirmedBaFin orders wind-up of Ethena GmbH USDe business; €600k coercive fine reported2025-04-15 ↗

AI-agent payments