The leading global cryptocurrency exchange and Web3 company, Bitget, announced the integration of Ethena Labs’ synthetic dollar USDe as the base currency for margin trading in coin-based contracts. This new secure synthetic dollar launch will enrich trading options, providing users with a diverse trading experience. The coin-based margin trading supports a variety of currencies as margin for over 230 contract trading pairs on the Bitget platform.
Ethena has already implemented the creation and redemption of the synthetic dollar USDe, which is a scalable, censorship-resistant form of currency. The mechanism supporting USDe has introduced the first “online bond”, offering a value-added, USD-denominated encrypted tool.
USDe is the seventh currency to join Bitget’s margin options, with other currencies including BTC, ETH, USDC, XRP, BGB, and STETH. The addition of USDe brings many benefits to Bitget users, expanding the range of trading strategies to meet the diverse needs of individual traders. Using USDe as margin can improve capital efficiency and optimize asset allocation. Through USDe, users can enjoy a more stable, convenient, and flexible trading environment.
Gracy Chen, CEO of Bitget, stated, “Bitget continues to provide world-class trading resources to users, whether it’s market insights, DeFi, or any other related trading optimization mechanism, we have it all! Just a year ago, USDe did not exist, but now it accounts for about 3% of stablecoin supply. This growth demonstrates the potential of the USDe mechanism, and we are excited to continue supporting innovative crypto-native projects and collaborating with them.”
To use USDe as the base currency for margin trading in coin-based contracts on the Bitget platform, users only need to follow a few simple steps:
1. Transfer USDe funds to the coin-based contract account.
2. Enter the contract trading interface and select the coin-based contract.
3. Choose a trading pair (such as BTCUSD) and select USDe as margin.
4. Adjust leverage according to personal risk tolerance and trading strategy.
Users can place buy/sell orders and other types of orders based on market analysis, monitor positions and market conditions, manage risks using stop-loss and take-profit orders, and ensure profits. When the trade reaches the preset profit or loss range, users can close the position at market price or a pre-set limit price.
Bitget has been dedicated to continuous innovation and optimization, striving to provide users with efficient and convenient trading services. Bitget meets people’s demand for more flexible derivative products, utilizing emerging technologies such as artificial intelligence to help 25 million users manage and diversify their investment portfolios.
For more information, please refer to the Bitget announcement.
About Bitget:
Established in 2018, Bitget is a world-leading cryptocurrency exchange and Web3 company that currently serves over 25 million users in more than 100 countries worldwide. Bitget is committed to helping users trade more intelligently through its innovative copy trading feature and other trading solutions.
Bitget Wallet, formerly BitKeep, is a world-class multi-chain cryptocurrency wallet that offers a range of comprehensive Web3 solutions and features, including wallet functions, exchanges, NFT markets, DApp browsers, and more. Bitget encourages the adoption of cryptocurrencies through partnerships with Argentine football legend Lionel Messi, official esports organization PGL, and others.
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