Deribit, a leading crypto derivatives exchange, is set to integrate Ethena's synthetic dollar, USDe, as rewarding margin collateral. This move, announced on Nov. 22, will allow users to earn rewards for holding USDe and use it as derivatives margin collateral in a cross-collateral pool. The integration is expected by early January, pending regulatory approval.

Ethena Labs founder Guy Young highlights that this will open new structured product opportunities on centralized exchanges. Following the news, Ethena's ENA token surged 13%, reflecting growing interest in the platform. Other exchanges like Bitget and Gate are also adopting USDe.