Ethena is a protocol on the Ethereum blockchain designed to offer a synthetic dollar, aiming to create a cryptocurrency-based solution for a stable currency that operates independently of the traditional banking system. It introduces the concept of the 'Internet Bond', a savings instrument denominated in dollars, accessible globally, and built to provide a crypto-native way to save and earn interest without relying on conventional financial infrastructures.

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The Canadian Dollar (CAD) is the official currency of Canada, issued by the Bank of Canada (BoC). As a commodity-driven currency, CAD is influenced by oil and natural resource exports. The CAD is frequently used in North American crypto markets, with CAD-backed stablecoins offering a way to transact digitally in Canadian dollars.