StablecoinX
StablecoinX (Ethena) is a blockchain-native financial protocol issuing two digital dollars: USDe, a synthetic stablecoin with a delta-neutral, yield-generating collateral strategy, and USDtb, a regulated payment stablecoin backed by BlackRock's BUIDL fund. The platform provides end-to-end infrastructure for enterprises to manage treasury, issue branded stablecoins, and remove gas friction across 20+ networks.
- Blockchain & Cryptocurrency
- Financial Technology
- Web3 & NFTs
- Software Only
Funding
Founders
Founder details are not available yet.
Product
Problem
Traditional stablecoins are largely fiat-backed and rely on centralized reserves, offering no yield to holders and exposing them to counterparty and regulatory risks. Additionally, the fragmented multi-chain landscape and a lack of institutional-grade compliance tools make it difficult for enterprises to adopt stablecoins for treasury management, payments, and onchain collateral.
Solution
StablecoinX provides a dual-asset stablecoin platform designed for both institutional and DeFi use. USDe is a synthetic digital dollar that maintains its 1:1 peg through a fully collateralized, delta-neutral strategy: long spot positions in staked Ethereum are offset by short perpetual futures, neutralizing market exposure while capturing funding yields. USDtb is a regulated payment stablecoin issued by Anchorage Digital Bank under the US GENIUS Act framework, backed roughly 90% by BlackRock's tokenized money-market fund BUIDL. The platform also offers end-to-end infrastructure for enterprises—including treasury management, branded stablecoin issuance, and gas abstraction—to integrate stablecoins across multiple chains and use cases.
Target Audience
Primary customers include fintechs, exchanges, and global enterprises needing stablecoin infrastructure for cross-border payments, treasury holdings, and branded stablecoin issuance, as well as institutional and DeFi users seeking capital-efficient yield-generating collateral.
Features
- Dual-asset model: USDe (synthetic, delta-neutral, capital-efficient onchain collateral) and USDtb (regulated, fiat-backed payment stablecoin)
- Delta-neutral strategy: long spot staked Ethereum offset by short perpetual futures to neutralize price exposure while earning funding spreads
- Counter-cyclical yield profile: benefits when Federal Reserve rate cuts increase demand for leveraged crypto exposure
- USDtb serves as a backstop for USDe, rotating collateral into Treasury-bill yield during low funding periods
- Integrated as collateral on major exchanges (Binance, Bybit) and DeFi venues (Aave, Morpho) across 20+ networks
- Enterprise platform features: treasury management, branded stablecoin issuance, and gas abstraction for seamless user transactions
- USDtb issued by Anchorage Digital Bank with reserves held in BlackRock BUIDL, designed for US corporate treasury and payment use