The largest cryptocurrency derivatives exchange Deribit announced on Friday that it will integrate Ethena's synthetic dollar USDe as collateral. This will allow users to earn rewards by holding USDe and use it as collateral for derivatives in the cross-margin pool.
Ethena and Deribit Collaborate to Launch USDe as Reward-Bearing Collateral
The leading cryptocurrency options and futures exchange Deribit plans to integrate Ethena's USDe as collateral. The exchange revealed that it aims to include USDe in its cross-margin pool starting from early January, but it is still awaiting regulatory approval.
Ethena Labs stated: "We are excited to announce the upcoming integration of USDe as reward-bearing collateral on Deribit."
All users can earn rewards by holding USDe. Additionally, it can be used as collateral for derivatives in the cross-margin pool. Currently, Bybit, Bitget, and Gate cryptocurrency exchanges offer USDe as collateral. Users can utilize USDe as part of a single or multi-exchange derivatives strategy while earning rewards from holding the synthetic dollar.
Ethena Labs founder Guy Young said: "The integration of USDe with the cross-margin pool unlocks new structured product use cases that were previously impossible on CEXes using regular stablecoins."
Young expects this to become one of the most important use cases for USDe, as Deribit holds an 85% market share in the options space. Furthermore, he believes the integration of USDe by derivatives exchanges will attract TradFi and crypto-native trading firms.
ENA Price Surges 20%
Following Deribit's announcement of the USDe integration, the price of ENA has surged over 20% in the past 24 hours. The current price is $0.62, with a 24-hour low of $0.516 and a high of $0.620. Additionally, trading volume has spiked 78% in the past 24 hours, indicating increased interest from traders.
Last month, Ethena proposed adding Solana and its liquid staking variants (BNSOL and bbSOL) as reserve assets supporting USDe. Recently, the company integrated sUSDe into Aave, enabling billions of dollars in lending and up to 30% annual yields.
