Bitget, the top cryptocurrency exchange and Web3 company, announced that it will be expanding its collaboration with Ethena, a synthetic dollar platform on the Ethereum blockchain. This partnership aims to introduce the synthetic USDe currency into Bitget's services, including Bitget Savings and Coin-Margined (Coin-M) Contracts.

USDe, developed by Ethena Labs, is a man-made currency that strives to offer a digital asset that is resistant to censorship, stable, and can scale efficiently. With its launch, USDe has experienced a rapid increase in its total supply, reaching over 3.5 billion, and has garnered a user base of more than 215,000 individuals. This growth in supply and adoption by users marks a significant achievement for USDe in the world of digital currencies.

In a blog post, Bitget states that with the “new integration, Bitget users can now leverage USDe as a collateral asset to trade coin-margined perpetual futures or as a savings product, both offering an attractive 15% APR.”

Bitget also added that those who use the Earn feature can take advantage of USDe for fixed or flexible savings plans, which can go up to $200,000, providing potential for significant interest earnings.

“Using USDe as yielding margin collateral or through savings greatly enhances capital efficiency by enabling users to expect a different return profile for their assets. Bitget users are the first in the space to benefit by potentially receiving a yield from their stable derivatives margin collateral.”

According to the CEO at Bitget, Gracy Chen, the decision to partner with Ethena was driven by their innovative approach to creating scalable, censorship-resistant synthetic dollars, which is in line with Bitget's mission to offer users reliable and cutting-edge financial solutions. She added that “Bitget is set to enhance its multifaceted collaborations with Web3 innovative projects, further bolstering the Bitget ecosystem. This initiative underscores Bitget's commitment to investing in and developing a robust ecosystem as part of its long-term strategic vision.”

Further, “Ethena’s integration with Bitget marks another significant step forward in expanding access to USDe and creating new use cases for the asset," remarked Guy Young, CEO and Founder of Ethena Labs. Young stressed the potential loss of substantial value for traders who opt for stable assets over USDe for diverse functions. He further reiterated the commitment to forging partnerships with leading exchanges to eliminate any hindrance to the value proposition.