🚀Ethena Labs, creators of USDe, are now backing their synthetic dollar-pegged offering with Bitcoin (BTC)! 🎉 This move is set to scale USDe’s supply from its current $2 billion mark.

Why BTC? It's all about scalability and liquidity. BTC’s open interest has surged from $10 billion to $25 billion, outpacing Ethereum (ETH) derivatives. Plus, BTC offers a safer environment for USDe users.

Some quick facts:

- USDe was launched on the Ethereum blockchain on Feb 19.

- Initially, it offered a 27.6% annual percentage yield (APY) on staked USDe.

- It's primarily backed by ETH, Tether (USDT), and Ether-based liquid staking tokens.

With BTC in the mix, Ethena Labs aims to provide a safer and more reliable product for USDe users. Starting April 5, users can check out BTC backing positions through Ethena’s dashboards.

What do you think about this move? Let's chat in the comments! 💬 #DeFi #BTC #USDe