Leading global cryptocurrency exchange Bitget has announced an expansion of its partnership with Ethena, a Web3 company developing a synthetic USD protocol on the Ethereum blockchain. This partnership aims to introduce the synthetic USD token, USDe, into Bitget’s financial and coin-margined (Coin-M) contract services.
USDe, created by Ethena Labs, is a synthetic USD asset designed to provide censorship-resistant, stable, and scalable digital assets. Since its inception, the supply of USDe has surged to over 3.5 billion, with more than 215,000 users. This increase in supply and user adoption represents a significant milestone for USDe in the digital currency space.
Through this new integration, Bitget users can now utilize USDe as collateral for trading coin-margined contracts or as a financial product, both offering an attractive annual yield of 15%. Additionally, financial product users will benefit from periodic and on-demand financial products using USDe, with each product having a cap of $200,000, creating substantial interest earning opportunities.
This collaboration also expands the range of trading strategies available to Bitget users, catering to the diverse needs of each user. Using USDe as collateral for yield generation or enhancing capital efficiency through financial products has benefited Bitget users as early adopters of stable derivative collateral potential.
Similar to traditional financial savings products, Bitget’s financial products serve as a hedge against the uncertainties and volatility of the cryptocurrency market, providing low-risk financial products tailored for the cryptocurrency market, including fixed-term and on-demand financial products.
Gracy Chen, CEO of Bitget, stated, “We decided to partner with Ethena because of their innovative approach to creating scalable and censorship-resistant synthetic USD, which aligns perfectly with our mission to provide reliable and cutting-edge financial solutions for our users. Bitget is committed to strengthening partnerships with Web3 innovative projects, further enhancing the Bitget ecosystem, while emphasizing our commitment to investing in and developing a robust ecosystem.”
Guy Young, CEO and Founder of Ethena Labs, said, “The integration of Ethena with Bitget signifies an important step in expanding the utility of USDe and creating new asset use cases. From lending to collateralization, if traders are using stable assets instead of USDe in any functionality, they are missing out on a significant amount of value. Through continued collaboration with the world’s largest exchanges, our goal is to ensure that traders no longer miss out on these opportunities.”
For more information on trading USDe on Bitget, please visit the official website.