WHAT IS THE DIFFERENCE BETWEEN THE ENA TOKEN THAT WILL BE LISTED ON BINANCE TODAY AND OTHER STABLECOINS?
For example, Tether is a stablecoin. For each tether, a dollar collateral is deposited to the bank. Tether's entire financial security may be eliminated if it is subject to legal sanctions.
In the ENA token, the equivalent of one dollar is not secured in the bank as one dollar. Instead, ETH, BTC is held as collateral in a common pool with SOL tokens.
So what does this tell us? Since it eliminates the relationship and obligation with banks, it opens a different door for stable coins in the crypto world. It aims to provide a stablecoin and dollar accessibility for the crypto world without being subject to legal sanctions.
Ethena is a synthetic dollar protocol built on Ethereum, together with the 'Internet Bond', a globally accessible dollar-denominated savings vehicle for coins that do not rely on the traditional banking system infrastructure.
Ethena Labs is the creator of USDe, a synthetic dollar protocol built on Ethereum.
Backed by
BinanceLabs, OKX, BYBIT, Deribit.
