In a significant development within the cryptocurrency sector, Bitget has announced the strengthening of its partnership with Ethena, a leading synthetic dollar protocol built on the Ethereum blockchain. This partnership will see Bitget incorporate Ethena's synthetic USDe into services like Bitget Savings and Coin-Margined (Coin-M) Contracts.
USDe is a synthetic dollar created by Ethena Labs. It is designed to be censorship-resistant, stable, and scalable. Since its inception, USDe has seen its supply skyrocket to over 3.5 billion, with more than 215,000 users, Bitget noted.
This new integration enables Bitget clients to utilize USDe as collateral to trade coin-margined perpetual futures or as a savings product, both of which offer an appealing 15% APR. Furthermore, Earn product users will benefit from using USDe for both fixed and flexible savings subscriptions of up to $200,000, allowing for significant interest benefits.
"Our decision to partner with Ethena was driven by their pioneering approach to creating scalable, censorship-resistant synthetic dollars, which aligns perfectly with our mission to provide our users with reliable and cutting-edge financial solutions," commented Gracy Chen, Bitget CEO.
"Ethena’s integration with Bitget marks another significant step forward in expanding access to USDe and creating new use cases for the asset," said Guy Young, CEO and founder of Ethena Labs.
The implications of this partnership are multifaceted. For Bitget, it represents an opportunity to attract a more diverse user base by offering innovative and secure digital assets. For the broader cryptocurrency market, this collaboration could signal a trend toward offering of more profitable products, encouraging further adoption and innovation in the space.
Success in this venture could set a precedent for other cryptocurrency exchanges to pursue similar collaborations, further integrating prospective assets into mainstream trading platforms.
See also: Crypto.com enhances security with passkeys and hardware tokens
