Ethena’s ENA Token Jumps After Deribit Announces USDe Support

Deribit, one of the largest crypto derivatives exchanges, revealed plans to add Ethena’s synthetic dollar, USDe, as margin collateral in January 2025, pending regulatory approval. This news boosted Ethena’s ENA token by 13%, bringing fresh attention to the decentralized stablecoin project.

Deribit Brings USDe Onboard

Starting next year, Deribit users will be able to hold USDe, earn rewards, and use it as collateral for trading. Ethena Labs founder Guy Young called this move a game-changer, saying it opens up new trading opportunities that weren’t possible with traditional stablecoins.

With Deribit controlling most of the crypto options market, Young expects USDe to quickly become a favorite for both crypto-native and traditional finance traders.

What Makes USDe Different?

USDe isn’t your typical stablecoin. Instead of being backed by actual dollars, it relies on advanced trading strategies like delta-hedging* to keep its value tied to the US dollar. This fully decentralized approach sets it apart from other stablecoins.

ENA Token Gains Momentum

Following the announcement, Ethena’s ENA token hit $0.63, marking a 13% jump in a single day and a 70% increase over the last month.

Growing Adoption

It’s not just Deribit backing USDe. Other exchanges like Bitget and Gate have also started using it as collateral, showing growing interest in Ethena’s model.

What’s Next for Ethena?

Ethena is also developing a new stablecoin called UStb in partnership with major players like BlackRock and Securitize. This partnership highlights the company’s ambition to expand its footprint in the crypto world.

This integration of USDe within the cross collateral pool at @DeribitExchange unlocks completely new structured product use cases not previously possible on CEXs with vanilla stablecoin collateral

With more than >85% of market share within the options space I expect this will… https://t.co/4XNdCJANcv
— G | Ethena (@leptokurtic_) November 22, 2024