- Ethena Labs has expanded the collateralization of USDe to include bitcoin.
- The company expects this to increase the capitalization of the stablecoin to $10 billion.
Ethena Labs, the issuer of USDe, has added bitcoin as another collateral asset for its stackablecoin. According to the company, this will significantly accelerate the scaling of the project.
Excited to announce that Ethena has onboarded BTC as a backing asset to USDe
This is a crucial unlock which will enable USDe to scale significantly from the current $2bn supply
- Ethena Labs (@ethena_labs) April 4, 2024
“With $25bn of open interest in bitcoin readily available for USDe delta hedging, the asset’s scaling could increase by two and a half times,” the studio said in a statement.
The company added that bitcoin will provide users with a safer product and better liquidity.
Recall, we previously told you about this asset and how it works:
Before the inclusion of bitcoin, USDe was backed by Ethereum (ETH), Tether USDt (USDT) and Liquid Stacking Tokens (LST).
The organization also noted that the second season of the Sats Campaign program will focus on integrating the first cryptocurrency.
At the time of writing, USDe has a capitalization of $2.009 billion, according to DeFiLlama. Ethena Labs expects this figure to grow to $10 billion once bitcoin is integrated.
Earlier we reported that DeFi developer Andre Cronje criticized delta-neutral stablecoins. The community noted that his statement directly concerns USDe.
