en.bitcoinsistemi.com
Ethena (ENA) developer company Ethena Labs has announced the addition of Bitcoin as the collateral asset for its “synthetic dollar” $USDe.
The project, which recently distributed airdrops to its users, some of them via Binance Launchpool, claimed that this Bitcoin move would enable its $USDe token pegged to the dollar to scale more than 2.5 times.
“As Ethena approaches $10 billion, this provides more robust support and ultimately a more secure product for users,” the official statement said. The current $USDe supply is estimated to be worth approximately $2 billion.
Ethena Labs also said Bitcoin has a superior liquidity and duration profile for delta hedging compared to liquid staking tokens. This was a key factor in the decision to add Bitcoin as a supporting asset, according to the statement.
According to information on Ethena Labs' website, $USDe was so far only backed by staked Ethereum (ETH). However, token holders are showing more interest in Bitcoin trading.
Last year, Bitcoin open interest increased by 150% to $25 billion, according to Ethena, which led to $USDe more than doubling its scaling capacity. In comparison, Ethereum's open interest only increased by 100% to $10 billion during the same period.
*This is not investment advice.