The world’s largest crypto derivatives exchange, Deribit, has announced plans to integrate Ethena’s synthetic dollar, USDe, as margin collateral. This move will allow users to earn rewards by holding USDe while utilizing it as derivatives margin collateral in a cross-collateral pool.
Ethena Labs shared its excitement on X (Twitter), stating, “We are thrilled to announce the upcoming integration of USDe as rewarding margin collateral on Deribit Exchange. All Deribit users can earn rewards for holding USDe and use it as margin collateral in the cross-collateral pool.”
Deribit echoed this enthusiasm, confirming plans to include USDe in its cross-collateral pool by early January, pending regulatory approval.
A New Era of Collateral Use
USDe is already available as margin collateral on major exchanges like Bybit, Bitget, and Gate. The integration with Deribit is expected to enhance the usability of USDe further, enabling traders to deploy single or multi-exchange derivatives strategies while earning rewards.
This innovative use of USDe as rewarding margin collateral highlights the growing trend of integrating DeFi mechanisms with traditional crypto trading platforms, giving traders greater flexibility and incentives.
ENA Token Surges
News of the USDe integration has spurred interest in Ethena’s ecosystem, with the price of its token, ENA, soaring by over 10% in the past 24 hours. ENA is currently trading at $0.6151, with a 52% spike in trading volume, reflecting heightened activity among traders. The global market capitalization for ENA stands at $1.75 billion, underscoring the market’s bullish sentiment.
This development comes as Deribit continues to expand its regulatory compliance. Dubai’s Virtual Asset Regulatory Authority (VARA) granted Deribit a conditional VASP license earlier this year. While the license allows the exchange to operate for spot and derivatives trading, it remains non-operational until Deribit meets all regulatory conditions.
The integration of USDe into Deribit’s cross-collateral pool marks another step toward merging these assets with mainstream crypto trading. Traders now have more opportunities to optimize their strategies, leveraging the benefits of holding USDe while participating in derivatives trading.
As this becomes more widely adopted, its role in enhancing liquidity and trading flexibility across major platforms like Deribit signals a promising future for the crypto derivatives market.