Bitget strengthens collaboration with Ethena Supporting USDe wealth management products and contract collateral
Leading global cryptocurrency exchange Bitget has announced an expansion of its partnership with Ethena, a Web3 company developing a synthetic USD protocol on the Ethereum blockchain, to introduce its synthetic USD token, USDe, into Bitget’s wealth management and Coin-M contract services. USDe, created by Ethena Labs, is a synthetic USD designed to provide censorship-resistant, stable, and scalable digital assets. Since its inception, USDe’s supply has surged to over 3.5 billion with more than 215,000 users, marking a significant milestone in the digital currency field. Through this integration, Bitget users can now utilize USDe as collateral to trade Coin-M contracts or as a wealth management product, both offering an attractive annual yield of 15%. Additionally, wealth management product users will benefit from periodic and demand-based wealth management using USDe, with each type of wealth management having a limit of $200,000, creating substantial interest income opportunities. This partnership also expands Bitget’s range of available trading strategies, catering to the diverse needs of its users. Utilizing USDe as income collateral or enhancing capital efficiency through wealth management has provided users with potential stable derivative collateral benefits. Bitget’s wealth management products, similar to traditional financial savings products, serve as a hedge against uncertainty and volatility in the cryptocurrency market, offering low-risk financial products tailored to the cryptocurrency market, including fixed-term and demand-based wealth management. Bitget CEO Gracy Chen stated, “We decided to collaborate with Ethena because of their innovative approach in creating scalable and censorship-resistant synthetic USD, which aligns perfectly with our mission to provide reliable and cutting-edge financial solutions to our users. Bitget is committed to strengthening collaborations with Web3 innovative projects, further enhancing the Bitget ecosystem, while also emphasizing our commitment to investing in and developing a robust ecosystem.” Guy Young, CEO and Founder of Ethena Labs, stated, “The integration between Ethena and Bitget symbolizes an important step in expanding the utility of USDe and creating new asset use cases. From wealth management to collateral, if traders are using stable assets instead of USDe for any functionality, they are missing out on a significant value – through continued collaboration with the world’s largest exchanges, our goal is to ensure that no trader misses out on this value.” For more information on trading USDe on Bitget, please visit the official website.
