Ethena

Founded by CEO Guy Young in 2023, Ethena issues a synthetic dollar stablecoin, USDe, that is collateralized by crypto and hedged to maintain its dollar peg. The total circulating supply of USDe is $4.5 billion as of June 2026, making it the fifth-largest stablecoin in the market. Ethena also offers high yield for investors who choose to stake USDe and has launched a platform to let other businesses launch their own stablecoins.