Ethena to Add Bitcoin to Synthetic Dollar Product, Boosting Yields for Growing User Base

Ethena will start buying and shorting bitcoin to create a "safer" USDe synthetic dollar product and boost yields for users
Ethena currently generates a 37% annual yield by shorting ETH futures and collecting funding fees
Over $2B in USDe has been issued since January as demand continues growing rapidly
Adding bitcoin will increase USDe issuance capacity by over 2.5x given BTC's greater liquidity
Ethena uses a "cash and carry" trade to stabilize USDe's $1 peg while generating yield from funding fees