# Ethena Overview

{% hint style="info" %}
Ethena's USDe is **not** the same as a fiat stablecoin like USDC or USDT. USDe is a synthetic dollar, backed with crypto assets and corresponding short futures positions.

This means that the risks implicated by interacting with USDe are inherently different. 

Please refer to our extensive [Risk](https://docs.ethena.fi/solution-overview/risks)[s](https://docs.ethena.fi/solution-overview/risks) section for more information.
{% endhint %}

## Overview

Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money, *USDe*, alongside a globally accessible dollar savings asset, *sUSDe*.\
\
Ethena's synthetic dollar, *USDe*, provides the crypto-native, scalable solution for money achieved by delta-hedging Bitcoin, Ethereum and other governance-approved spot assets using perpetual and deliverable futures contracts, as well as holding liquid stables such as USDC and USDT. 

*USDe* is fully-backed (subject to the discussion in the Risks section regarding events potentially resulting in loss of backing) and free to compose throughout CeFi & DeFi.

*USDe* peg stability is supported through the use of delta hedging derivatives positions against  protocol-held backing assets, maintaining a relatively stable value with reference to the value spot crypto assets as well as futures positions. 

The inclusion of liquid stables (such as USDC and USDT) enhances the efficiency of the delta hedging process, while also potentially acting as a safeguard in bear markets when funding rates and futures basis are suboptimal. Liquid stables may earn rewards depending on where they are held, potentially enhancing overall protocol revenue.

{% hint style="info" %}
Website: <https://ethena.fi/>

Telegram: <https://t.me/ethena_labs>

Discord: [https://discord.gg/ethena ](https://discord.gg/ethena)

X: <https://x.com/ethena>

LinkedIn: <https://www.linkedin.com/company/ethena-labs/>
{% endhint %}

{% hint style="info" %}
The acquisition of sUSDe is not offered to persons with their habitual residence or registered office in the European Union or the European Economic Area.
{% endhint %}

## Quick Links

{% embed url="<https://www.notion.so/ethena/Ethena-FAQs-3ccc1437e13343f8b74c0d005e4f5128?pvs=4>" %}

{% embed url="<https://www.notion.so/ethena/Ethena-Chartbook-c35c316346ee4c7e97aff49a9eadd87e?pvs=4>" %}

{% content-ref url="video-guides/how-to-buy-usde" %}
[how-to-buy-usde](https://docs.ethena.fi/video-guides/how-to-buy-usde)
{% endcontent-ref %}

Users are currently able to:

* **Permissionless Acquire** *USDe.* Access external AMM pools to acquire or dispose of *USDe* with assets such as USDT or USDC.
* **Direct Mint** *USDe*. Transfer accepted reserve assets and receive *USDe, subject to clearing KYC/KYB checks exclusively for approved market making counterparties*. See Supplemental USDe Terms and Conditions.
* **Direct Redeem** *USDe*. Burn *USDe* & receive backing asset&#x73;*, subject to clearing KYC/KYB checks exclusively for approved market making counterparties*. See Supplemental USDe Terms and Conditions.
* **Stake & Unstake** *USDe*. Receive rewards from protocol revenue. *Available exclusively for users in permitted jurisdictions.*


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