5 months ago
Bitcoin collateral for Ethena’s USDe synthetic dollar has exceeded $500 cardinal little than a week aft its introduction.
The platform’s website data showed astir $537 cardinal successful Bitcoin reserves crossed assorted exchanges specified arsenic Binance, OKX, and Deribit. The magnitude represents astir 26% of its full plus reserve.
The different reserve assets see $714 cardinal successful Ethereum, $353 cardinal successful liquid-staked Ethereum, and $365 cardinal successful Tether’s USDT.
Seraphim Czecker, Ethena’s caput of growth, said the substantial Bitcoin reserve was grounds that the level is acceptable for the impending halving event. The halving is expected connected astir April 20 and volition trim Bitcoin’s artifact reward by 50% to 3.125 BTC.
Last week, Ethena onboarded BTC arsenic a backing plus for USDe arsenic portion of efforts to make a safer merchandise for its users. However, respective marketplace experts warned that the program could airs a contagion hazard for the broader crypto industry.
USDe adoption continues
As the platform’s Bitcoin collateral grows, USDe adoption is besides witnessing an astronomic rise.
Data from CryptoSlate shows that USDe’s marketplace capitalization has soared to $2.14 billion, with its trading measurement during the past time astatine $364 million.
Its adoption from major DeFi projects similar MakerDAO and Frax Finance has facilitated these precocious numbers.
Earlier today, Ethena Labs revealed that Frax Finance approved a $250 cardinal liquidity excavation to facilitate automated marketplace operations (AMO) for minting caller FRAX tokens.
According to Ethena Labs:
“As of yesterday FRAX has begun adding USDe POL which volition make 1 of the deepest pools of dollar liquidity onchain, and alteration FRAX to diversify their root of backing yield.”
Besides that, lending protocol Morpho Labs stated that MakerDAO, the issuer of the DAI stablecoin, allocated an further $100 cardinal successful DAI tokens to its USDe/DAI and sUSDe/DAI markets connected Morpho Blue.
It added:
“This follows Maker’s palmy connection to summation Spark’s MetaMorpho Vault DDM Maximum Debt Ceiling from $100 cardinal to $1 cardinal DAI. The deployment of caller DAI indebtedness volition hap progressively based connected Block Analitica’s hazard assessment, starting with the further $100 cardinal allocated today.”
The station Ethena’s USDe Bitcoin collateral exceeds $500 cardinal successful a week appeared archetypal connected CryptoSlate.
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