Ethena’s ENA token experienced a significant surge of approximately 13% following Deribit's announcement to integrate Ethena’s synthetic dollar, USDe, into its cross-collateral pool. This integration is expected to allow users to earn rewards for holding USDe and utilize it as margin collateral for derivatives trading, pending regulatory approval set for early January 2025. Guy Young, founder of Ethena Labs, emphasized that this development will enable new structured product use cases that weren’t feasible with traditional stablecoins. As a result of the positive news, ENA rose to an intraday high of $0.63, marking a 70% increase over the past month. This follows the announcement of Ethena's new stablecoin project, UStb, collaborated with the digital securities platform Securitize.

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