$ENA Ethena Labs aims to strengthen USDe’s backing, ultimately providing a safer product for its users leveraging BTC’s expanding open interest.

Ethena Labs, the creators of USDe, have incorporated Bitcoin (BTC) as backing into their synthetic dollar-pegged offering.

This move aims to scale USDe’s supply from its current $2 billion mark.In just 1 year, BTC open interest on major exchanges (exc. CME) has grown from $10bn to $25bn, while ETH OI has grown from $5 to $10bn

BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity for delta hedging