Ethena to Back USDe Token with Bitcoin for Increased Safety and Scalability

Ethena announces plans to back its USDe token with Bitcoin, citing its safety and robustness compared to other assets. With Bitcoin's increasing open interest, USDe has the potential to scale by a factor of 2.

5. Ethena previously offered a high annual percentage yield (APY) on staked USDe, but it has since decreased. Ethena believes that BTC derivative markets offer better scalability and liquidity for hedging purposes.

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