# Ethena Stablecoin Issuer — Licences, Reserves & Compliance Score | StableRadar

> Ethena: stablecoin issuer profile with licences checked against regulator registers, reserves, attestations, official partners and Regulatory Compliance Score.

Canonical: https://stableradar.com/issuer/ethena
Generated: 2026-10-26T08:34:34.064Z (live figures are a snapshot at build time; see the canonical page for current values)

← 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)

Status Active

Verification Verified

Coverage Experimental

Licences **0 / 1**

SRS **53**

Profile as of **2026-10-26**

Regulatory Compliance Score

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

Not legal advice; algorithmic assessment from public sources.

USDE peg · 7 days

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

Peg deviation (live)

-6.3 bps

Supply 30d → now (DefiLlama)

$4.58B

24h volume (CoinGecko)

$21.6M

Chains with supply

### Company
- HQ **BVI**

- Founded **2023**

- Leadership **Guy Young (founder)**

- Model **Synthetic dollar (delta-hedged)**

- Website **ethena.fi ↗**

### Products & supply LIVE
- USDE **$4.58B · -6.3 bps**

- Total (CoinGecko) **$4.58B**

30d ago

$4.93B

7d ago

$4.68B

1d ago

$4.59B

now

$4.58B

### Distribution
Ethereum

$2.46B

53.6%

Plasma

$607.9M

13.3%

Base

$380.0M

8.3%

Robinhood Chain

$368.8M

8.0%

Solana

$318.3M

6.9%

TON

$140.7M

3.1%

Monad

$117.2M

2.6%

BSC

$78.3M

1.7%

Mantle

$78.3M

1.7%

Avalanche

$13.8M

0.3%

Supply by chain · DefiLlama (live)

### Products REFERENCE · issuer official site · as of 2026-10-26
- **USDe**Synthetic dollar [ethena.fi ↗](https://ethena.fi/)[source · 2026-10-26](https://ethena.fi/)

- **USDtb**Stablecoin backed by tokenized treasury funds [whitelabel.ethena.fi ↗](https://whitelabel.ethena.fi/usdtb)[source · 2026-10-26](https://ethena.fi/)

### 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 ↗](https://anchorage.com/)[source · 2026-10-26](https://ethena.fi/ecosystem)

- **BitGo**BitGo is a digital asset infrastructure company providing secure custody, trading, and financial services for institutions with $90B+ assets [bitgo.com ↗](https://www.bitgo.com/)[source · 2026-10-26](https://ethena.fi/ecosystem)

- **Ceffu**Ceffu is an institutional digital asset platform offering custody and liquidity solutions to secure, manage, and utilize your crypto assets [ceffu.com ↗](https://ceffu.com/)[source · 2026-10-26](https://ethena.fi/ecosystem)

- **Coinbase Custody**Coinbase Vault storage combines physical security, consensus computation, and strict process controls into one world-class solution. [coinbase.com ↗](https://www.coinbase.com/prime/custody)[source · 2026-10-26](https://ethena.fi/ecosystem)

- **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 ↗](https://copper.co/)[source · 2026-10-26](https://ethena.fi/ecosystem)

- **Fireblocks**Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. [fireblocks.com ↗](https://fireblocks.com/)[source · 2026-10-26](https://ethena.fi/ecosystem)

- **Komainu**Komainu offers clients a regulated digital asset custody solution that is secure, segregated, and verifiable on the blockchain. [komainu.com ↗](https://komainu.com/)[source · 2026-10-26](https://ethena.fi/ecosystem)

- **Zodia**Empowering global institutions to navigate the digital asset landscape simply, safely, and without compromise. [zodia-custody.com ↗](https://zodia-custody.com/)[source · 2026-10-26](https://ethena.fi/ecosystem)

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](https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Verbrauchermitteilung/weitere/2025/meldung_2025_04_15_Ethena_GmbH_en.html) |

### Reserves, custody & attestation
- Assurance **Custodian attestations + on-chain proof (per Ethena)**

- Audit / attestation firm **Various (per Ethena)**

- Frequency **Weekly (per Ethena)**

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

- Custodians **Off-exchange settlement providers (per Ethena)**

- Latest disclosed **Transparency dashboard**

- Evidence **report ↗**

### Redemption terms
Whitelisted minters/redeemers only

### Controls: freeze / clawback / admin
- freeze **Blacklist**

- clawback **redistributeLockedAmount**

- multisig **Multisig admin**

- upgrade **Varies**

### 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
Confirmed

BaFin orders wind-up of Ethena GmbH USDe business; €600k coercive fine reported

### AI-agent payments
No public info.

Reference fields compiled 2026-10-26 from linked sources. Items marked “verify” or “per issuer” are not independently confirmed. Not legal or investment advice.

Last updated: 2026-10-26 08:33 UTC (live data) · reference data as of 2026-10-26 · Sources: Regulator public registers & issuer disclosures (linked per item), [CoinGecko](https://www.coingecko.com/), [DefiLlama](https://defillama.com/stablecoins)