Ethena USDe (USDE) vs Figure Heloc (FIGR_HELOC)

Ethena Labs is a decentralized finance (DeFi) protocol on Ethereum whose main product is USDe, a synthetic stablecoin backed by the US dollar. It aims to be a sort of "Internet bond" with a specific collateral mechanism secured by the cryptocurrencies stETH, WBETH, mETH, WETH, and USDT. Specifically, when a user deposits any of these cryptocurrencies, the protocol opens an equivalent "short" position to hedge against potential declines.

This project is building the foundational protocol layer for institutional debt markets on blockchain. Powered by Provenance Blockchain, Figure Connect and Figure Markets are transforming the way loan assets are originated, traded, and settled. Figure Connect functions as a primary market for credit—standardizing and tokenizing debt assets such as HELOCs and private credit into composable on-chain formats. Figure Markets acts as a secondary trading venue, enabling 24/7 settlement of these digital loan assets through decentralized custody, with support for both crypto and fiat on/off ramps. Together, they offer an integrated protocol for real-world asset finance, with deep roots in the lending ecosystem.