Ethena USDe on Robinhood Chain

USDe, a synthetic dollar from Ethena that holds crypto instead of bank deposits and cancels out the price risk with matching short futures positions, so the package as a whole stays near a dollar whichever way the collateral moves. The collateral sits with off-exchange custodians while the hedges run on derivatives venues. What that position earns, mostly the funding rate perpetual traders pay to stay long, plus rewards on stablecoins and short-dated government debt, is the protocol's revenue. Ethena launched USDe in February 2024.