# Ethena

> Ethena: Synthetic dollar protocol. Confidentiality status: No privacy yet.

Part of the Soda Labs Privacy Hub, a neutral directory of the on-chain privacy
landscape: https://www.sodalabs.xyz/privacy-hub

## Key facts

- Entry type: Token issuer or protocol
- Category: Synthetic dollar protocol
- Confidentiality status: No privacy yet
- Tags: stablecoin, DeFi
- Canonical page: https://www.sodalabs.xyz/privacy-hub/tok-ethena

## Overview

USDe is a plain ERC-20 with fully transparent balances and no public confidentiality work. The documentation covers whitelist gating for mint and redeem, and openly describes collecting on-chain data. For a product whose whole mechanism is a hedged position, public flows are strategy leakage.

## Sources

- [Docs](https://docs.ethena.fi/)

## Related entries

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- [Curve](https://www.sodalabs.xyz/privacy-hub/tok-curve): Stableswap exchange
- [First Digital](https://www.sodalabs.xyz/privacy-hub/tok-firstdigital): Stablecoin issuer
- [Lido](https://www.sodalabs.xyz/privacy-hub/tok-lido): Liquid staking
- [PayPal](https://www.sodalabs.xyz/privacy-hub/tok-paypal): Stablecoin issuer