web3.0Bitget Expands Partnership with Ethena Labs to Introduce USDe into Services such as Bitget Savings and Coin-Margined (Coin-M) Contracts
Bitget, the world’s leading cryptocurrency exchange and Web3 company, announced the expansion of the partnership with Ethena Labs
Bitget, a leading global cryptocurrency exchange and Web3 company, has announced an expanded partnership with Ethene Partnership, the developer of synthetic dollar protocol Ethena on the Ethereum blockchain, to integrate its synthetic USDe into Bitget Savings and Coin-Margined (Coin-M) Contracts.
Created by Ethena Labs, USDe is a synthetic dollar designed to be a censorship-resistant, stable, and highly scalable digital asset. Since its launch, USDe has seen its supply grow to over 3.5 billion and acquired over 215,000 users, marking a significant achievement in the digital currency space.
This integration now allows Bitget users to utilize USDe as a collateral asset when trading coin-margined perpetual futures or as a savings product, both offering a competitive 15% APR. Furthermore, Earn product users can use USDe for both fixed and flexible savings subscriptions, each up to $200,000, enabling them to earn substantial interest gains.
The partnership also expands the range of trading strategies available to cater to the diverse trading needs of each Bitget user. Utilizing USDe as yielding margin collateral or through savings greatly enhances capital efficiency by enabling users to expect a different return profile for their assets. Notably, Bitget users will be the first in the space to benefit by potentially receiving a yield from their stable derivatives margin collateral.
Bitget Savings is part of the Bitget Earn offerings and functions similarly to savings in traditional finance. Aimed at countering the uncertainties and volatilities found in crypto, Bitget Savings acts as a low-risk financial product like traditional savings, tailored for the crypto market with Fixed Savings and Flexible Savings.
“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,” said Gracy Chen, CEO at Bitget.
“Ethena’s integration with Bitget marks another significant step forward in expanding access to USDe and creating new use cases for the asset,” said Guy Young, CEO and Founder of Ethena Labs. “From saving to collateral, If traders are using stable assets instead of USDe for basically any function, they are missing out on substantial value – and in continuing to form partnerships with the world’s largest exchanges, our goal is to ensure that no trader has to forgo that value any longer.”
News source：https://www.kdj.com/cryptocurrencies-news/articles/bitget-expands-partnership-ethena-labs-introduce-usde-services-bitget-savings-coinmargined-coin-contracts.html
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