Ethena Labs Adds Bitcoin Backing to its Synthetic Dollar-pegged USDe

Ethena Labs, the creators of USDe, have incorporated Bitcoin as backing into their synthetic dollar-pegged offering.The announcement, made through an April 4 thread on X, highlighted the strategic importance of incorporating BTC as a backing asset.Ethena Labs emphasized BTC’s role in enhancing USDe’s scalability, citing its expanding open interest in major exchanges. Over the past year, BTC’s open interest has surged from $10 billion to $25 billion, outpacing the growth of Ethereum derivatives.

Despite peaking at 113% APY on March 5, the yield has since dropped to 7.15%. Before the integration of BTC, USDe was primarily backed by ETH, Tether , and Ether-based liquid staking tokens in proportions of 45%, 38%, and 17%, respectively.

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