The largest crypto 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 derivative margin collateral in the cross-collateral pool.
Ethena partners with Deribit to introduce USDe as a reward collateral
Leading cryptocurrency options and futures exchange Deribit plans to integrate Ethena's USDe as margin collateral. The exchange revealed that the goal is to include USDe in its cross-collateral pool starting in early January. However, it is still awaiting regulatory approval.
Ethena Labs stated: "We are excited to announce the upcoming integration of USDe as a reward collateral on Deribit."
All users can earn rewards by holding USDe. Additionally, it can be used as derivative margin collateral in the cross-collateral pool. Currently, Bybit, Bitget, and Gate cryptocurrency exchanges all offer USDe as margin collateral. Users can use USDe as part of a single or multiple exchange derivative strategy while earning rewards by holding the synthetic dollar.
Guy Young, founder of Ethena Labs, stated: "The integration of USDe with the cross-collateral pool unlocks entirely new structured product use cases, which were not possible before using regular stablecoin collateral on CEXs."
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 that the integration of USDe by the derivatives exchange will attract TradFi and crypto-native trading firms.
ENA price surges by 20%
After Deribit announced integration with USDe, the price of ENA surged over 20% in the past 24 hours. The current price is $0.62, with a 24-hour low and high of $0.516 and $0.620, respectively. Additionally, the trading volume surged by 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 for billions of dollars in lending and annual interest rates of up to 30%.
