Ethena Labs considers Bitcoin as a USDe supported asset

Ethena Labs has increased Bitcoin as a supporting asset for its USDe synthetic dollar. This decentralized finance (DeFi) protocol stated in a series of posts on X on Thursday that supporting USDe with Bitcoin will expand the size of its tokens pegged to the US dollar by more than 2.5 times and make its products safer for traders. This move comes as the Bitcoin derivatives market surpasses similar products based on Ethereum. The agreement stated on Thursday, "As Ethena approaches a scale of $10 billion, this will provide more solid support and ultimately provide users with safer products." It added that the current supply value of USDe is approximately $2 billion.