Ahmet Bedirhan Arvas 
In the crypto ecosystem, Ethena stands out with its vision of the “synthetic dollar.” Having already gained significant momentum with USDe, the project now plans to release two new products within the next three months—products with the potential to scale to the same level as USDe, reaching a system valued in the billions of dollars.
The Rise of USDe
Ethena’s USDe differs from traditional stablecoin models by using a combination of “crypto-backed support + delta hedge.” Instead of relying solely on U.S. dollar reserves, it aims to maintain price stability through a strategy that combines crypto collateralization and hedging via futures positions. This structure makes USDe not just a “stable token” but also a “yield-bearing dollar alternative.”
Current Scale and Ecosystem
- USDe has reached a circulating supply valued in the billions of dollars.
- It has climbed to the third position among stablecoin markets.
- Ethena aims to expand beyond the DeFi ecosystem and reach institutional investors. The new product named iUSDe is designed specifically to appeal to traditional finance (TradFi) participants.
Today, Ethena is not only on the radar of DeFi participants but also attracting attention from the broader financial sector.
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What’s Next for Ethena?
Ethena’s 2025 roadmap has been made public, and it highlights two key upcoming products:
1. iUSDe – A Synthetic Dollar Bridging to TradFi
This product is described as the “wrapped” version of sUSDe (staked USDe). The key difference, however, is that iUSDe is designed to allow traditional financial institutions to earn yield without the need to directly interact with blockchain operations.
According to Ethena’s roadmap, iUSDe is expected to go live in the first quarter of 2025. This product will enable asset managers, hedge funds, institutional investors, and intermediaries to benefit from the yield generated by USDe.
As a result:
- Institutions without blockchain expertise will still be able to access the USDe ecosystem.
- Passive income opportunities will be available without the need for token ownership or wallet operations.
- This move positions Ethena not only within the crypto space but also as part of the broader financial ecosystem.
2. Telegram Payment / Neobank Experience + Payment Integrations
According to the roadmap, Ethena plans to offer payment, savings, and shopping experiences directly through the Telegram app. Users will be able to make payments using their sUSDe balance and seamlessly switch between spending and saving. Additionally, the plan includes Mastercard-supported payment functionality, allowing for USDe/fiat conversions in certain regions. This feature aims to position Ethena as a “crypto wallet / payment application,” enabling users to both save and spend their USDe in daily transactions.