Monday, 17 June 2024

Crypto News

Bitget Broadens Trading Horizons with USDe Stablecoin for Coin-Margined (Coin-M) Contracts

Bitget Broadens Trading Horizons with USDe Stablecoin for Coin-Margined (Coin-M) Contracts

Victoria, Seychelles, June 4th, 2024, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, is thrilled to announce the integration of Ethena Labs’ synthetic USDe as a margin option for coin-margined contracts. The introduction of this new synthetic, secure synthetic dollar will enrich trading options and provide users with a versatile trading experience. Coin-margined futures support multiple currencies as margins for over 230 futures trading pairs on Bitget.

Ethena has enabled the creation and redemption of a delta-neutral synthetic dollar, USDe, a fully-backed, onchain, scalable, and censorship-resistant form of money. The mechanism backing USDe enables the first “Internet Bond” offering a crypto-native, value-accruing, dollar-denominated instrument, derived from staked asset returns and the funding and basis spread available in perpetual and futures markets.

USDe is the 7th coin that joins Bitget’s margin options alongside BTC, ETH, USDC, XRP, BGB, and STETH. The integration of USDe offers numerous advantages to Bitget users. It enables a broader range of trading strategies, tailored to the distinct requirements of individual traders. Employing USDe as margin potentially enhances capital efficiency, optimizing asset distribution for improved financial oversight. With USDe, users can enjoy a more stable and convenient trading environment, along with increased flexibility.

“At Bitget, we’re constantly delivering world-class trading resources to our users be it market insights, DeFi access or any other relevant trading-enhancing mechanism, we have it all! Just one year ago, USDe didn’t exist, yet it now holds approximately 3% of the supply in Stablecoins. This impressive growth demonstrates the potential of well-designed mechanisms, and we are excited to continue supporting and partnering with innovative crypto-native projects,” said Gracy Chen, CEO at Bitget.

To utilize USDe margin for coin-margined contracts on the Bitget platform, users need to follow a few simple steps. By transferring USDe funds to the coin-margined contract account, users can navigate to the contract trading interface and select coin-margined contracts. Upon selecting the currency pair, such as BTCUSD, and selecting USDe as the margin, users can adjust leverage according to risk tolerance and trading strategy.

Based on…

Click Here to Read the Full Original Article at CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison…