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Bitget Joins Ethena Labs Сraze, Integrates USDe as Margin Option for Coin-Margined Contracts

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Wed, 5/06/2024 - 10:37
Bitget Joins Ethena Labs Сraze, Integrates USDe as Margin Option for Coin-Margined Contracts
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The rise of Synthetic USDe on the cryptocurrency market is reshaping how traders approach digital assets. The growing popularity of synthetic USDe can be attributed to several key causes, mainly, its stability, as it is pegged to the U.S. dollar, providing traders with a reliable and stable option on the volatile cryptocurrency market. 

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Synthetic USDe also lets traders engage in margin trading and other financial activities without relying on traditional banking services. By incorporating synthetic USDe into their trading strategies, investors can diversify their portfolios and reduce their risk exposure to the cryptocurrency market.

Back in February, Ethena introduced a delta-neutral synthetic dollar called USDe, which is fully backed, on-chain, scalable and resistant to censorship. The innovative mechanism supporting USDe also facilitates the pioneering concept of an "Internet Bond" with unique features.

This trend in particular is starting to become popular among crypto exchanges, with early adopters like Bitget announcing the integration of Ethena Labs' synthetic USDe as a margin option for coin-margined contracts.

"At Bitget, we're constantly delivering world-class trading resources to our users be it market insights, DeFi access or any other relevant trading-enhancing mechanism, we have it all! Just one year ago, USDe didn't exist, yet it now holds approximately 3% of the supply in Stablecoins. This impressive growth demonstrates the potential of well-designed mechanisms, and we are excited to continue supporting and partnering with innovative crypto-native projects," said Gracy Chen, CEO of Bitget.

Coin-margined futures support multiple currencies as margins for over 230 futures trading pairs on Bitget. USDe is the seventh coin that joins Bitget's margin options alongside BTC, ETH, USDC, XRP, BGB and STETH.

To utilize USDe margins for coin-margined contracts on the Bitget platform, users need to follow a few simple steps. By transferring USDe funds to the coin-margined contract account, users can navigate to the contract trading interface and select coin-margined contracts. Upon selecting the currency pair, such as BTC-USD, and selecting USDe as the margin, users can adjust leverage according to risk tolerance and trading strategy. 

Based on market analysis, users can place buy/sell and other types of orders. One should monitor positions and market conditions, using stop-loss and take-profit orders to manage risks and secure profits. When the trade reaches the preferred profit or loss range, users can close the position at the market price or a predetermined price limit.

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