Starting in January 2025, and pending regulatory approval, Deribit will integrate USDe into its cross-collateral system.
Decentralized synthetic stablecoin protocol Ethena has announced a collaboration with Deribit, one of the largest cryptocurrency derivatives exchanges in the world. The collaboration will see Deribit integrate USDe into its cross-collateral system starting in January 2025, pending regulatory approval. This will allow platform users to use USDe as collateral for derivative trades and earn rewards for holding the synthetic stablecoin.
The integration of USDe will pave the way for new structured products within the derivatives ecosystem, especially in an environment like Deribit, where the options market represents more than 85% of the global share. The collaboration will enable traders to access more sophisticated financial opportunities and investors to diversify their portfolios by using USDe instead of traditional stablecoins.
The news had an immediate impact on the market. The governance token ENA, associated with the Ethena ecosystem, saw a rise of about 9% in the last 24 hours, reaching $0.6 and consolidating a 62% growth in the last 30 days. The market has shown optimism about the adoption of USDe on such a relevant platform as Deribit, which will strengthen Ethena’s position against its competitors.
USDe, unlike other stablecoins backed by traditional assets like physical dollars, is supported by delta-hedged derivative positions in futures and perpetual markets, making it fully decentralized and more resistant to risks associated with centralized stablecoins. Its innovative design has been a key factor in its integration on platforms like Bitget and Gate, which have also started using USDe as collateral.
On another note, Ethena has announced that it will continue expanding its ecosystem with the upcoming launch of a new stablecoin, UStb, which will be developed in collaboration with BlackRock and Securitize.
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