It is with great excitement that Mantle welcomes Ethena, a synthetic dollar protocol built on Ethereum, to Mantle’s gallery of Showcase Apps. Ethena brings to Mantle Ecosystem a crypto-native solution for money that is not reliant on traditional banking system infrastructure. With this groundbreaking alliance, Mantle will be working with Ethena to open easy and seamless access to Ethena’s synthetic dollar, USDe.

Enabling Access to a Dollar-Denominated Yield-Bearing Asset

Ethena’s USDe is a delta-neutral synthetic dollar collateralized by assets outside of legacy banking systems that can still leverage liquidity from both centralized and decentralized exchanges while minimizing counterparty risk, without the known risks associated with existing stablecoin designs. Permissionless, scalable and stable, USDe will be fully backed by staked ETH collateral on-chain, and sees enhanced composability across decentralized finance (DeFi) networks and applications.

Both retail and institutional investors will soon be able to hold a stable form of money with embedded crypto-native yield in USDe.

Mantle: USDe’s First Cross-Chain Deployment

As part of Mantle’s ongoing efforts to increase accessibility to some of the best blockchain-enabled innovations in the space, Mantle Network will be the first Layer 2 (L2) to deploy USDe in an exclusive pre-launch. This USDe integration opens up a new world of possibilities within the current Mantle Ecosystem, products and offerings, in particular enabling the upcoming Mantle Staked Ether (mETH) as an eligible asset to mint USDe.

Next Up — Product

• Inclusion of mETH (launching soon) as a constituent of Ethena USDe basket
• mETH adopted on select centralized exchanges for portfolio margin
• Ethena USDe adoption across Mantle L2 Applications

Treasury Subscription

Mantle Economics Committee has committed $10M to Ethena's Early Adopter program for USDe (as authorized by MIP-26 RWA Strategy). The USDe and any accumulated early adopter incentives will be held by Mantle's Ethereum L1 Treasury, awaiting product readiness on Mantle Network L2. An Ecosystem-Driven Collaboration

True to our ecosystem-focused approach, Mantle is set to explore new potential possibilities with its exchange partner Bybit to help drive the adoption of USDe beyond Mantle Network. Bybit brings to the table its significant market depth, best-in-class liquidity and diverse product offerings in a secure and multi-faceted fashion. Read more about Bybit’s collaboration with Ethena here.

“Ethena provides an innovative and sustainable solution towards a highly efficient yield bearing stablecoin USDe. Our collaboration marks an exciting new chapter for Mantle and Ethena, and is proof of our continued commitment to accelerating the adoption of token-governed technologies. Mantle is uniquely positioned to be one of the first blockchains to bring USDe to its burgeoning ecosystem and community, ensuring vital access to this synthetic dollar-denominated savings instrument. Hand in hand with Ethena, Mantle is thrilled to enable the reimagining of a truly permissionless financial system,” said Edmund Chua, ecosystem researcher at Mantle.

Stay tuned to Mantle announcements and be the first to know when USDe is launched.