Centrifuge Protocol vs Ethena

Centrifuge Protocol tokenizes real-world assets like invoices and credit pools for DeFi. Its infrastructure bridges traditional finance and DeFi, enabling collateralization of real-world assets for on-chain lending.

USDe is Ethena’s synthetic dollar backed by delta‑neutral ETH perpetual hedge positions rather than off‑chain treasuries. The collateral basket auto‑rebalances between spot ETH, LSTs and short perps so the net delta remains near zero, turning staking rewards and funding rates into protocol revenue. USDe launched on Ethereum in January 2024 and surpassed $2 billion supply within five months, with deep secondary liquidity on Curve and Bybit.