USDe issuer Ethena looks to expand team as it readies two new products

Ethena, the development group behind the third-largest stablecoin, is looking to expand its team by approximately 50%, according to co-founder Guy Young in an X post on Monday.

The startup is hiring for approximately 10 new roles to support the development of several new products.

"Ethena has stayed roughly flat at ~20-25 contributors for the last 2 years," Young, who goes by gdog97_ or G online, said. "We are expanding the team meaningfully for the first time with 10 new roles across engineering and product for two entirely new business lines and products."

The new products, which will bolster Ethena's existing stablecoin-like assets USDe and USDtb, are expected to launch in the next three months, Young said. "Both of these initiatives have the potential to be the size of USDe," he added. 

According to Ethena's job listing page, the team is looking to onboard a head of security, a senior backend engineer, as well as several DeFi, trading, and security engineers. It is also hiring a business development associate and a product designer.

Ethena has steadily grown its offerings since launching the USDe "synthetic dollar" several years ago. Recently, the major Solana protocol Jupiter announced it would use Ethena's whitelisting service to launch a native JupUSD stablecoin.

In September, the proprietary investment arm of UAE digital asset conglomerate M2 Capital joined Ethena Labs' list of existing backers, which includes Binance Labs, Bybit, Dragonfly, Fidelity, and Franklin Templeton, among others.