Ethena's approach to synthetic dollars sets it apart from other decentralized stablecoin solutions by utilizing delta-hedging staked Ethereum collateral to back its synthetic dollar, USDe. This method ensures that USDe is censorship-resistant, scalable, and stable, offering transparency and composability throughout the DeFi ecosystem. The potential advantages of this approach include increased stability, global accessibility, and a crypto-native solution for money that is not reliant on traditional banking systems. However, drawbacks may include the complexity of the delta-hedging mechanism, potential vulnerabilities in the collateralization process, and the need for continuous monitoring to maintain stability.