Stablecoins are the base layer of on-chain finance 💸 What gives a digital dollar real weight is not only its peg, but the system behind it: how it stays stable, where the yield comes from, and how capital keeps working across the market. Ethena has built one of the most important stablecoin structures in crypto around USDe, a synthetic dollar backed by crypto collateral and stabilized through delta-neutral hedging. The protocol holds spot assets such as $ETH or $BTC while maintaining offse