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In the rapidly expanding world of digital finance, stablecoins have become the backbone of the market. Yet, the vast majority rely on traditional banking rails, backed by fiat reserves.
In the rapidly expanding world of digital finance, stablecoins have become the backbone of the market. Yet, the vast majority rely on traditional banking rails, backed by fiat reserves.
Ethena is changing this paradigm by building the first scalable, crypto-native "synthetic dollar" protocol, placing it firmly within the specialized segment of crypto-collateralized stablecoins. Ethena's synthetic dollar protocol is built on Ethereum and offers a modern alternative to traditional banking. Its core product, USDe, maintains its $1 peg not through fiat reserves, but through a robust delta-neutral hedging strategy.
The core of this mechanism is that the protocol takes the deposited crypto assets as a "long" position and simultaneously opens an equal-sized, offsetting "short position" on a derivatives exchange. The two exposures are perfectly balanced: if the price of the collateral falls, the short position gains value by the same amount, and vice-versa.
This critical balance ensures the total USD value of the backing portfolio remains stable, mitigating the impact of crypto price volatility, and ultimately allowing USDe to operate independently of traditional banking infrastructure. Ethena has created the world’s first crypto-native repo market. This innovation has driven explosive growth, with assets under management reaching ~$8 billion in less than two years, making USDe one of the fastest-growing stablecoins in history.
The protocol's success lies in its core products filling a major market gap: they offer a stable, dollar-pegged asset that is also productive, a feature that historically required users to take on volatility risk. This unique attractiveness is paired with durability, as the yield is generated from real market activity , while the delta-neutral strategy secures its crypto-native backing and eliminates reliance on traditional bank reserves.
Ethena is expanding its ecosystem with"Stablecoin-as-a-Service" for corporate issuance and the Converge tokenization chain designed to serve as the primary issuance layer for tokenized and real-world assets. Additionally, a new savings and payments app for Telegram users is set to broaden its retail reach significantly. Their core products are positioned to replace less efficient stablecoins, with USDe emerging as the preferred asset for collateral across futures trading, DeFi lending and institutional settlement.
As seen in the chart below, USDe has consistently maintained a market share well above 40% within crypto-collateralized stablecoins over the past 12 months, demonstrating its strong and sustained dominance. As USDe becomes prime collateral across the market, the protocol is actively preparing to align the token's value with its success: The Ethena Foundation has confirmed that the technical benchmarks required to activate the ENA fee switch have been met.
The final governance vote is pending a review of implementation details by the Risk Committee; once approved by ENA holders, this mechanism will activate, directing a portion of protocol revenue to stakers and fundamentally linking the token's economic performance to the platform's long-term profitability. The 21shares Ethena ETP provides investors with efficient and transparent exposure to the Ethena protocol and its native token, ENA, without the operational challenges of direct digital asset investment.
Acquiring ENA directly involves navigating the crypto ecosystem, from setting up an account on a specialized exchange to managing the significant burdens of secure self-custody. The 21shares Ethena ETP removes these barriers. It allows exposure to ENA through a single transaction from an existing brokerage account, making it as straightforward as buying a stock. EENA is fully physically backed 1:1 by ENA, which is securely held in cold storage with institutional-grade custodians.
This ensures a robust level of protection that surpasses typical retail custody solutions, consistent with 21shares’ broader range of physically backed crypto ETPs. The Ethena ETP is listed and traded on the SIX Swiss Exchange.
These listings provide transparency, oversight, and investor protection standards consistent with traditional markets, offering an accessible gateway into the rapidly growing ecosystem. 21shares provides a comprehensive suite of crypto products, featuring over 55 ETPs listed across more than 15 exchanges, including both single-asset and index offerings. As one of the recognized leaders in the industry, 21shares launched the world’s first physically backed crypto ETP over seven years ago.
As part of the FalconX Group, 21shares continues to grow its product range, leveraging cutting-edge research to make crypto investing more accessible to everyone. Zurich, ZH, Switzerland: +41 44 260 86 60This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction.
Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice. This document and the information contained herein are not for distribution in or into the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful.
This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended , and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
There will not be a public offering of securities in the United States. Neither the US Securities and Exchange Commission nor any securities regulatory authority of any state or other jurisdiction of the United States has approved or disapproved of an investment in the securities or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States.
Within the United Kingdom, this document is only being distributed to and is only directed at: to investment professionals falling within Article 19 of the Financial Services and Markets Act 2000 Order 2005 ; or high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49 to of the Order ; or persons who fall within Article 43 of the Order, including existing members and creditors of the Company or any other persons to whom this document can be lawfully distributed in circumstances where section 21 of the FSMA does not apply.
The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation 2017/1129 the Issuer’s Base Prospectus is made available on the Issuer’s website under The approval of the Issuer’s Base Prospectus should not be understood as an endorsement by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the Issuer’s Base Prospectus and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities.
You are about to purchase a product that is not simple and may be difficult to understand. This document constitutes advertisement within the meaning of the Prospectus Regulation 2017/1129 and the Swiss Financial Services Act and not a prospectus. The 2024 Base Prospectus of 21Shares AG has been deposited pursuant to article 54 FinSA with BX Swiss AG in its function as Swiss prospectus review body within the meaning of article 52 FinSA.
The 2024 Base Prospectus and the key information document for any products may be obtained at 21Shares AG's website (
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