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

04Jun

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 market analysis, users can place buy/sell and other types of orders. Monitor positions and market conditions, using stop-loss and take-profit orders to manage risks and secure positions. When the trade reaches the preferred profit or loss range, users can close the position at the market price or a predetermined price limit.

Bitget remains dedicated to continuous innovation and optimization, striving to provide users with efficient and accessible trading services. Bitget addresses the demand for more flexible derivatives products, empowering 25 million users to manage and diversify portfolios with emerging tech such as AI in trading.

For more information on Coin-margin trading with USDe, users can visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.