Euler Teases Launch of Synthetic Dollar Product: Blockworks

DeFi lending and exchange protocol Euler plans to introduce a USD synthetic asset “in a few weeks,” co-founder Michael Bentley said during a recent appearance on Blockwork's Bell Curve podcast.

What’s the Scoop?

• Third Protocol Pillar: Bentley said Euler is “not just a lending protocol” anymore: it now operates both a decentralized exchange (DEX) and will soon offer a synthetic dollar stablecoin. The addition of this synthetic completes what he described as Euler’s “triad” of core products, integrating trading, borrowing, and stable-value assets under one protocol.
• Keeping Value In-House: The Euler team emphasized that launching the synthetic dollar internally, rather than relying on external offerings like Ethena's USDe, will prevent value from leaking from the system. The goal is to concentrate fees, liquidity, and incentives within Euler’s own ecosystem, increasing value accrual for token holders.
• Details Still Under Wraps: While no information has been disclosed about the asset’s ticker, collateral model, or peg mechanism, Bentley indicated that the product is just several weeks away from a public release.