Deribit Integrates Ethena to Offer USDe as Innovative Margin Collateral

• Deribit to add Ethena’s USDe, enabling rewards for holders using it as collateral.
• ENA price soars 20% following Deribit’s integration announcement.
• Ethena’s USDe set for inclusion in Deribit’s pool by January, pending regulatory nod.

Deribit, one of the most prominent digital currency derivatives marketplace, has stated that it intends to utilize Ethena’s synthetic dollar, known as USDe, as a margin collateral asset. 

This is to improve trading and bring in new applications and usage of structured products. Deribit aims to have USDe as part of the cross-collateral beginning in January, possibly on regulatory approval. This initiative enables the exchange’s mission to provide solutions for TradFi firms and firms dealing with cryptocurrencies.

USDe to Expand Deribit’s Cross-Collateral Pool

Deribit plans to introduce USDe, a decentralized synthetic dollar, as part of its cross-collateral pool. This development will allow users to hold USDe and earn rewards while using it as collateral for derivatives trading. The integration promises greater utility for USDe holders by supporting single or multi-exchange derivatives strategies.

Ethena’s USDe is already available as collateral on platforms like Bybit, Bitget, and Gate. Specifically, its listing on Deribit, which currently holds more than 85% of the options trading volume, will trigger participation from institutional investors and retail investors. 

Guy Young, the founder of Ethena Labs also pointed at this integration, noting that this would allow creating new financial products that could not be implemented on centralized exchanges using traditional stablecoins.

Benefits for USDe Holders and Broader Use Cases

USDe’s integration offers users dual advantages: earning passive incomes and using synthetic dollars as collateral for trading. These features fit Deribit’s roadmap of making the trading space more active for different categories of users.

The synthetic dollar derives its stability from delta-hedging derivatives positions rather than traditional reserves. This decentralized structure underpins Ethena’s mission to provide secure, scalable, and innovative financial instruments. In recent months, Ethena has introduced several updates, including the addition of Solana and its liquid staking variants as reserve assets, further strengthening USDe’s utility.

ENA Token Soars

The price of ENA , Ethena’s native token, surged when Deribit made its announcement. The volume of ENA increased by 78%, while the price increased by more than 22% in just 24 hours, hitting $0.62. This increase reflects increasing investor attention towards Ethena fueled by market expectations about the expansion of the usage of USDe.

ENA has seen sustained growth in recent months, with a 70% increase in value over the past 30 days. Ethena continues to expand its stablecoin offerings, including the recently announced UStb project developed in collaboration with BlackRock and Securitize. These initiatives highlight Ethena’s commitment to innovation and its focus on building a robust ecosystem around its synthetic dollar offerings.