Deribit to Add USDe to Cross-Collateral Pool Starting January 2025
Deribit, one of the largest cryptocurrency derivatives exchanges, announced plans to integrate Ethena’s synthetic dollar, USDe, as a rewarding margin collateral. The exchange intends to include USDe in its cross-collateral pool by early January 2025, subject to regulatory approval.
The integration will allow users to earn rewards for holding USDe and use it as margin collateral for derivatives trading, as confirmed by Deribit on November 22.
Unlocking New Use Cases for USDe
Ethena Labs founder, Guy Young, highlighted that this integration opens doors to innovative structured product use cases that were previously unattainable with traditional stablecoin collateral on centralized exchanges.
“With over 85% market share in the options space, I expect Deribit to become a key venue for USDe applications in the coming months, benefiting both traditional finance and crypto-native trading participants,” said Young.
Other exchanges, such as Bitget and Gate, have also begun integrating USDe as margin collateral, according to Ethena.
ENA Token Rallies on Integration News
Ethena, a decentralized stablecoin protocol launched in 2023, offers USDe—a synthetic dollar that mimics the value of the US dollar but is backed by delta-hedging derivatives rather than physical reserves.
Following Deribit’s announcement, Ethena’s governance token, ENA, surged by 13% in a day, reaching $0.63, according to CoinGecko. Over the past 30 days, ENA has gained approximately 70%.
In September, Ethena Labs unveiled a new stablecoin project, UStb, developed in collaboration with Bitcoin investor BlackRock and the digital securities platform Securitize.
