Cryptocurrency exchange Bitget has deepened its collaboration with Ethena Labs by integrating Ethena's stablecoin, USDe, into various aspects of its platform. This integration allows users to utilize USDe as collateral for perpetual futures trading, participate in Bitget's "Earn" program, and trade USDe in spot pairs.
USDe, a synthetic dollar designed to be censorship-resistant, stable, and scalable, has witnessed significant growth since its launch, with its supply exceeding 3.5 billion and over 215,000 users. This integration marks a significant step for both Bitget and Ethena, further solidifying USDe's presence in the digital currency landscape.
By enabling USDe as collateral for coin-margined perpetual futures, Bitget users can potentially earn yield on their holdings, a unique opportunity in the derivatives market.
Additionally, USDe is included in Bitget's "Earn" program as a savings product, offering up to 15% APR, adding another avenue for users to grow their assets.
This strategic partnership is expected to enhance capital efficiency for Bitget users, allowing them to expect a different return profile for their assets. Bitget is the first exchange to offer yield on stablecoin derivatives margin collateral, providing a competitive advantage to its users.
Bitget's "Earn" program, which includes "Bitget Savings," mirrors traditional savings products with options for fixed and flexible savings. It offers a low-risk option for users seeking stability in the volatile crypto market.
The integration of USDe into spot trading pairs further expands its utility and accessibility on the Bitget platform. By offering USDe in both derivatives and spot markets, Bitget is catering to a wider range of trading strategies and preferences.
Overall, this expanded partnership between Bitget and Ethena demonstrates a commitment to innovation and providing users with diverse opportunities in the evolving cryptocurrency space. The integration of USDe into multiple aspects of Bitget's platform highlights the growing demand for stablecoins and yield-generating products in the crypto market.
June 2024, Cryptoniteuae