Wintermute uses Ethena’s USDe as trading collateral.

Wintermute leverages Ethena’s USDe for trading purposes.

Wintermute announced on October 25 that it would accept USDe, a cryptocurrency-backed stablecoin, as collateral for spot cryptocurrency and derivatives transactions. Customers can now use USDe as collateral for options, credit default swaps, forward, and spot trading on the X platform.

In addition to Bitcoin (BTC), Ether (ETH), Solana (SOL), and US dollar coin (USDC), Wintermute has added the stablecoin USDe to its list of accepted crypto collateral. This move reflects a growing trend of trading platforms and regulators embracing cryptocurrency as collateral for transactions.

The Depository Trust and Clearing Corporation (DTCC) recently completed a pilot program exploring the use of tokenized US government bonds as trading margin. This highlights the increasing importance of stablecoins and other tokens tied to US dollar-denominated assets in trading and payments infrastructure.

Stablecoins have reached record market capitalization levels exceeding $170 billion in 2024. Major players like Stripe and PayPal are also getting involved in the stablecoin market, with PayPal USD (PYUSD) being used for business payments.

Ethena Labs launched the stablecoin USDe in February, and its circulating supply has now grown to over $2.6 billion. Despite this growth, USDe still lags behind market leaders like Tether (USDT) and USDC in terms of market capitalization.

Ethena Labs allows users to trade USD coins against tokens like BTC, ETH, and liquid staking derivatives (LSDs) as well as other stablecoins. The platform hedges against portfolio volatility using external financial derivatives.

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