Bitget Upgrades Partnership with Ethena, Lets Users Receive Yield From Stable Derivatives Margin Collateral
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USDe, a core new-gen stablecoin by Ethena Labs, is now seamlessly available in margin and earning sections of Bitget exchange.
Ethena Labs, Bitget collaboration gains traction: USDe now available for traders and stakers
Lately every major Web3 project is rushing to partner with Ethena Labs. Its synthetic dollar offers stable value reference and makes way for more reliable transactions.
The exchange announced it started offering USDe for a range of its products such asthe Bitget Savings and Coin-Margined (Coin-M) Contracts services.
Ethena is already working with Bybit, Bouncebit, Solv Protocol and OKX, but its recent partnership upgrade with Bitget goes beyond just an ordinary offering.
With the integration of USDe, Bitget users can now leverage it as collateral to trade coin-margined perpetual futures or as a savings product.
Lucrative APY rates available for USDe users on Bitget
In both new products, APY rates of up to 15% are offered to all holders interested in trading and investing USDe.
Additionally, users of the Earn product can benefit from USDe for fixed and flexible savings subscriptions, each up to $200,000 — significantly higher than the $5,000 limit provided by other exchanges.
Bitget’s CEO, Gracy Chen commented on the asset integration:
Our decision to team up 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. Bitget is set to enhance its multifaceted collaborations with Web3 innovative projects, further bolstering the Bitget ecosystem. This initiative underscores Bitget's commitment to investing in and developing a robust ecosystem as part of its long-term strategic vision.
Bitget reports that its users are the first on the market to have an opportunity of receiving a yield from their stable derivatives margin collateral.
Vladislav SopovAs covered by U.Today previously, Bitget reported notable increase in Open Interest and capital inflow metrics in May 2024.
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