Ethena Labs is a protocol foundation firm based in British Virgin Islands that ethena labs develops the ethena protocol, which issues usde, a synthetic dollar backed by crypto collateral and delta-hedged derivatives positions rather than fiat bank reserves. it also offers susde, a yield-bearing savings instrument, and usdtb, a fiat-backed stablecoin primarily backed by blackrock's tokenized buidl money market fund and other reserves. usde supply surpassed 13 billion dollars in september 2025. in july 2025 ethena partnered with anchorage digital, a us federally chartered crypto bank, to issue usdtb onshore as a stablecoin designed to comply with the us genius act, with us issuance handled by anchorage from mid-october 2025. the protocol is governed via the ena token. They serve clients in British Virgin Islands, US. Ethena Labs is listed on The Token Playbook's vetted provider registry at thetokenplaybook.com/registry/ethena-labs.