Ethena Labs adds bitcoin as USDe backing asset

Ethena Labs has added bitcoin as a backing asset for its USDe synthetic dollar, as traders embrace a resurgence in the world’s oldest digital asset.

“As Ethena scales closer towards $10bn this provides a more robust backing, and ultimately a safer product for users,” the protocol said Thursday. USDe’s current supply is worth roughly $2 billion, it added. Until now, USDe has been backed exclusively by ether liquid staking tokens, Ethena Labs’ website shows. Token holders are showing stronger interest in trading bitcoin, however.

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