Ethena Labs announced the inclusion of Bitcoin as a backing asset for its USDe synthetic dollar. The DeFi protocol was communicated via X on Thursday. They aim to enhance the scalability and safety of their dollar-pegged token. This strategic move allows USDe to scale over 2.5 times its current capacity. It is in response to the growing trader interest in Bitcoin over Ethereum-based derivatives.
The decision leverages Bitcoin’s superior liquidity and hedging benefits. Ethena Labs highlighted Bitcoin’s advantageous liquidity and duration profile for delta hedging. Previously, USDe relied solely on ether liquid staking tokens for backing. The shift reflects a broader market trend favoring Bitcoin trades. Token holders have expressed a heightened interest in Bitcoin, which is influencing Ethena’s strategy.
Ethena Labs Chooses Bitcoin Over Ether Backing
Bitcoin’s open interest has significantly increased, surging 150% to $25 billion in the past year. This growth has doubled USDe’
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