Deribit to Integrate Ethena’s USDe as Collateral by January 2025
- USDe’s decentralized model uses derivatives, unlocking new structured products.
- Ethena’s governance token ENA hit an intraday high of $0.63 on the integration news.
In a significant development for the cryptocurrency derivatives market, Deribit, a leading crypto derivatives exchange, has announced its plans to integrate Ethena’s synthetic dollar, USDe, into its cross-collateral pool by January 2025.
USDe’s Integration into Deribit Exchange
Ethena’s USDe, a synthetic stablecoin pegged to the US dollar, utilizes a unique decentralized backing system through delta-hedging derivatives in perpetual and futures markets, setting it apart from traditional stablecoins.
Unlike stablecoins backed by physical reserves, USDe’s innovative model enhances decentralization while ensuring stability, making it an attractive option for traders in the crypto space.
The integration with Deribit is expected to open up new opportunities for traders, enabling the creation of innovative structured products that were previously not possible with conventional stablecoin collateral.
According to Guy Young, the founder of Ethena Labs, this move is a significant step forward for the platform, as Deribit’s dominant market position in the cryptocurrency options space makes it a key player for USDe adoption.
Users on Deribit will soon be able to utilize USDe as margin collateral, providing them with additional rewards and increasing the utility of the token within the trading ecosystem.
Ethena (ENA) Price Surges
Following the integration announcement, Ethena’s governance token, ENA, experienced a notable price surge, reaching an intraday high of $0.63, marking a 13% increase in value.
Although the token has retraced slightly to around $0.5896, it has seen a 62% increase in value over the past month, reflecting growing confidence in Ethena’s innovative financial products.
Founded in 2023, Ethena Labs continues to expand its offerings, with the recent introduction of its stablecoin project, UStb (USTB), developed in collaboration with BlackRock and Securitize.
The partnership with Deribit reinforces Ethena’s commitment to bridging traditional finance with decentralized ecosystems, paving the way for new possibilities in the market.
With Deribit’s support and the increasing interest from the market, USDe is set to revolutionize margin trading dynamics, marking a significant advancement for both crypto-native and traditional finance participants.
