Deribit Exchange announces integration of Ethena’s USDe as margin collateral

• Deribit will integrate Ethena’s USDe as collateral by January 2025.
• USDe’s decentralized model uses derivatives, unlocking new structured products.
• Ethena’s governance token ENA token hit an intraday high of $0.63 on the integration news.

In a groundbreaking move for the cryptocurrency derivatives market, Deribit, one of the world’s largest crypto derivatives exchanges, has revealed plans to integrate Ethena’s synthetic dollar, USDe, into its cross-collateral pool.

This integration, set to launch in early January 2025, is contingent upon receiving regulatory approval.

USDe’s integration into Deribit Exchange

Ethena’s USDe, a synthetic stablecoin pegged to the US dollar, offers unique decentralized backing through delta-hedging derivatives in perpetual and futures markets.

Unlike traditional stablecoins backed by physical reserves, USDe’s innovative model enhances decentralization while maintaining stability.

The integration with Deribit promises to unlock new possibilities for traders. According to Guy Young, founder of Ethena Labs, this initiative will pave the way for “completely new structured product use cases” that were previously unattainable with conventional stablecoin collateral.

Young emphasized the significance of this development, stating that Deribit’s dominant market share—over 85% in the cryptocurrency options space—positions the platform as a pivotal venue for USDe adoption.

As part of the integration, users will be able to use USDe as margin collateral and earn rewards, adding to its utility within the trading ecosystem.

This announcement marks another milestone for Ethena, as other major exchanges, including Bitget and Gate, have also begun incorporating USDe into their platforms.

Ethena (ENA) price surges

The integration has already impacted Ethena’s ecosystem, with its governance token, ENA, experiencing a notable price surge. After the announcement, ENA’s value rose by 13% to reach an intraday high of $0.63.

Although the token has pulled back to around $0.5896, the token has gained approximately 62% over the past month, reflecting growing confidence in Ethena’s innovative financial products.

Ethena Labs, founded in 2023, continues to expand its offerings, including its recently announced stablecoin project, UStb (USTB), developed in collaboration with BlackRock and Securitize.

The partnership with Deribit underscores Ethena’s commitment to bridging traditional finance and decentralized ecosystems.

With Deribit’s backing and increasing market interest, USDe is poised to redefine margin trading dynamics, signalling a significant step forward for both crypto-native and traditional finance participants.