Originally published on: November 22, 2024
Deribit, a leading cryptocurrency derivatives exchange, is set to integrate Ethena’s synthetic dollar USDe (USDe) as a rewarding margin collateral option for users.
This move will allow Deribit users to not only earn rewards for holding USDe but also utilize it as derivatives margin collateral in a cross-collateral pool. The integration is scheduled to take place in early January, pending regulatory approval.
Guy Young, the founder of Ethena Labs, believes that this integration will open up new possibilities for structured product use cases that were previously unavailable on centralized exchanges using traditional stablecoin collateral.
With an eye on capturing a significant portion of the market within the options space, Young predicts that Deribit will become a key platform for USDe use cases in both traditional finance and the crypto trading sector.
In addition to Deribit, other exchanges like Bitget and Gate have also been incorporating USDe as margin collateral, according to Ethena.
Ethena, established in 2023, offers USDe as a decentralized stablecoin protocol. USDe, a synthetic dollar, mirrors the value of the US dollar without being directly backed by physical dollars, relying instead on delta-hedging derivatives positions on perpetual and futures markets for decentralization.
Alongside USDe, Ethena operates the ENA token, the governance token in its ecosystem, which has shown impressive growth in recent months.
Following Deribit’s announcement of the USDe integration, the ENA token experienced a notable surge of approximately 13%, reaching an intraday high of $0.63, as per CoinGecko data. This surge contributed to ENA’s overall growth of around 70% in the last 30 days.
In September, Ethena Labs unveiled a new stablecoin project, UStb (USTB), developed in partnership with major Bitcoin investor BlackRock and the digital securities platform Securitize.
Keep up with the latest developments in the cryptocurrency market by subscribing to our Markets Outlook newsletter, where you’ll receive critical insights to help you identify investment opportunities, manage risks, and refine your trading strategies. By subscribing, you agree to our Terms of Services and Privacy Policy.
