Athena(ENA) Introduces USDe and sUSDe to Avalanche(AVAX), Strengthening the DeFi Ecosystem

Athena(ENA), a pioneering synthetic dollar protocol, has officially unveiled its stablecoin USDe and its staked counterpart sUSDe on the Avalanche(AVAX) blockchain. Launched in collaboration with yield trading platform Pendle(PENDLE) and cross-chain bridging innovator LayerZero(ZRO), this initiative aims to provide the Avalanche decentralized finance (DeFi) ecosystem with enhanced liquidity and new opportunities for revenue generation.

Expanding the Avalanche DeFi Landscape with Seamless Integrations

On October 12, through an announcement on X (formerly Twitter), Athena confirmed that USDe and sUSDe are now comprehensively integrated across the Avalanche DeFi ecosystem. Users can easily bridge these assets directly to Avalanche through the Stargate Finance(STG) interface, simplifying access and expanding the ecosystem's capabilities.

Upon launch, liquidity pools for USDe and sUSDe were made available on top decentralized exchanges (DEXs), including Uniswap(UNI), LFJ, Pharaoh Exchange(PHAR), and BlackHole(BLACK). Further expanding utility, Athena disclosed plans to enable the integration of USDe, sUSDe, and Pendle’s Principal Tokens (PT) as collateral for borrowing on major lending platforms such as Euler(EUL), Silo(SILO), and Folks. Additionally, discussions are underway for collaborations with other key DeFi platforms, including BENQI(QI) and Aave(AAVE), to enhance the utility and adoption of these synthetic assets.

To incentivize early adopters, Athena has introduced an attractive rewards program featuring AVAX tokens and Athena Points to drive initial engagement and activity in Avalanche’s DeFi markets.

Decoding USDe and sUSDe: Core Features and Uses

At the heart of Athena’s offering lies USDe, a crypto-native synthetic stablecoin pegged to the value of one U.S. dollar. Its stability is achieved through a "delta-neutral" hedging technique that combines spot purchases of Bitcoin(BTC) and Ethereum(ETH) with offsetting short positions in their perpetual futures contracts. This strategy ensures consistent value while minimizing exposure to market volatility.

Complementing USDe is sUSDe, the staked version of the stablecoin. sUSDe allows holders to benefit from the protocol’s revenue streams. Revenue is generated from multiple sources, including:

• Funding fees from perpetual contracts
• Basis trading
• Yield from lending stablecoins to money markets
• Staking rewards from collateralized assets

sUSDe thus presents an innovative option for users to earn passive income by participating in Athena’s ecosystem.

Game-Changing Collaboration with Pendle: Principal Tokens and Yield Innovation

Athena’s collaboration with Pendle has been instrumental in facilitating its integration into Avalanche and introducing groundbreaking yield-generating opportunities. Together, the two protocols have launched the first-ever cross-chain Principal Tokens (PT) feature, utilizing LayerZero’s cutting-edge technology.

Through this partnership, users can seamlessly bridge November-maturity USDe PT to Avalanche using Pendle’s platform. These bridged PTs unlock significant utility within the ecosystem, including serving as collateral in lending markets like Euler and Silo, where users can borrow other stablecoins.

Additionally, the inclusion of Pendle’s Yield Tokens (YT) opens up access to leverage-yield opportunities, offering dynamic fixed-income and yield markets on the Avalanche blockchain.

Commenting on the partnership, Avalanche representatives emphasized its transformative potential: “Athena provides the foundation of a reliable synthetic dollar, while Pendle introduces structured yield markets. Together, they harness Avalanche’s speed, scale, and expansive ecosystem to deliver unparalleled DeFi opportunities.”

Market Impact and Future Potential

The combined impact of this launch is already evident in the emerging market metrics. As of September 2025, USDe has reached a market capitalization of $13.2 billion, reflecting its growing adoption. Meanwhile, Pendle’s total value locked (TVL) has surpassed $5 billion, highlighting the robust demand for innovative financial products on Avalanche.

Through the deployment of USDe, sUSDe, and advanced Principal Token features, Athena and Pendle are not only enriching Avalanche’s DeFi ecosystem but also setting new standards for synthetic asset efficiency and decentralized financial innovation. As these integrations continue to mature, Avalanche’s position as a leading blockchain for innovative DeFi solutions is further solidified, appealing to both institutional and retail users alike.