Ethena is building derivative infrastructure to enable Ethereum to transform into the Global Internet Bond via delta-neutral positions on stETH, to create the first crypto-native, yield bearing stablecoin: USDE.Ethena enables users to deposit either USD, Ethereum or liquid staking tokens as collateral to create USDe. Stability is ensured through delta-neutral hedging process across centralized and decentralized exchanges.Collateral is distributed to secure onchain custodial wallets, and a corresponding short position is taken for delta-neutral collateralization.USDe is the first decentralized, scalable, and stable asset with returns derived from the economic activity of Ethereum and futures markets.