Ethena Labs is proud to announce the integration of Coinbase International, via Copper’s ClearLoop solution, as a hedging venue for the backing assets of USDe.

Coinbase International’s derivatives open interest has recently exceeded >$1bn and represents a fantastic opportunity to diversify the hedging of the backing assets of USDe.

First new Hedging Venue since launch

Coinbase International joins Binance, Bybit, Okx, Deribit, and Bitget as the only hedging venues for USDe’s backing assets. Coinbase International is the first new hedging venue the protocol has integrated since launch.

Coinbase International’s integration of Copper’s ClearLoop solution enables the protocol to continue solely interfacing with hedging venues via “Off Exchange Settlement” providers, with none of the backing assets of USDe residing on any of the exchanges.

Coinbase International will be the first exchange to operate hourly “mark to market” settlements via Copper ClearLoop. This means Coinbase International will settle all outstanding balances, including unrealized derivatives pnl, with each cycle, the most frequent of all exchange partners. This represents another positive step forward in mitigating counterparty exposure.

Users are able to learn more about our transparency efforts via our “Transparency Dashboards” which include links to our Monthly Custodian Attestations as well as our Weekly Proof of Reserves publications.