Size of the Opportunity

Providing a crypto-native synthetic dollar and the first decentralized "internet bond" is not only the largest challenge in the space but the largest opportunity

Stablecoins

Stablecoins and other relatively stable, fully-backed assets intended to approximate the dollar is one of three $1 trillion+ opportunities in this space, with an immediate ~$5bn+ addressable market by embedding USDe into exchanges and capturing market share within DeFi as a reserve asset.

Ethena is agnostic to all forms of liquid staking providers (to the extent such assets are utilized as backing), off-exchange settlement providers, and sources of liquidity. The protocol is not sensitive to the competitive dynamics between providers and will benefit from the growth and innovation of the total liquid staking and derivatives ecosystems.

Internet Bonds

User demand for existing stablecoins is already provable and enormous at $150 billion+ despite their “return-free" risk profile. An equivalent product that enables permissionless value accrual to ecosystem participants is the largest market opportunity that crypto can provide for individuals all over the world - even larger than either a volatile store of value or stablecoins as they currently exist.

As a globally accessible and crypto-native instrument, at $5bn USDe outstanding, USDe would account for less than <2bps of the US Treasury market and <0.5bps of global fixed income instruments.