Ethena

Ethena issues USDe, a synthetic dollar backed by crypto collateral hedged with short perpetual futures positions. Staking USDe yields sUSDe, which earns the funding and staking income of that hedge.

Rating D: 34 restrictions: 31 countries + Feature Block, Wallet screening, KYC / allowlist. Synthetic dollar · Ethereum, Arbitrum, Base, Optimism, Mantle, BNB Chain, many L2s via LayerZero.

Official app: app.ethena.fi. Permissionless alternative: ethena.cp0x.com. Frontend code: closed.

Restrictions

• Geo Block: yes. 302 -> ethena.fi/restricted ('not available in your country' / high-risk wallet); confirmed live from the US, the ToS list (33 jurisdictions) is not live-verified. Blocked countries: United States.
• Feature Block: yes. mint/redeem: KYC whitelist only; sUSDe not for EU/EEA. Affected countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Iceland, Liechtenstein, Norway.
• Wallet screening: yes. unnamed (restricted page + Mint blocked addresses) Where it runs: API. Fail mode: n/a.
• VPN / Tor detection: ToS only.
• KYC / allowlist: yes. USDe mint/redeem only for KYC-approved whitelisted addresses; staking USDe into sUSDe is open. Where it runs: smart contract.
• Terms of Service: docs.ethena.fi/resources/terms-of-service, Last updated 2025-08. 33: incl. US, RU, BY, IR, KP, CU, SY, VE, MM, DPR/LPR, Crimea, Abkhazia, S.Ossetia, N.Cyprus + EU/EEA (sUSDe)

Notes

Closed. Staking USDe->sUSDe is a plain ERC-4626 that works directly via the contract.

Live checks

• WebFetch (US): 302 -> /restricted (geo-block confirmed)

Evidence

• ethena.fi/restricted
• docs.ethena.fi/resources/terms-of-service

Checked 2026-10-10. All interfaces · Methodology