HTX Adds On-Platform USDe Minting, Redemption and Daily Rewards
HTX (formerly Huobi) has integrated Ethena Labs’ USDe synthetic dollar into its platform with on-platform, on-chain minting and redemption routed directly through Ethena smart contracts. The integration lets traders mint or redeem USDe without using spot order books or OTC liquidity, enabling unlimited scale, uniform mint/redemption costs regardless of size, atomic settlement, and reduced slippage. USDe is collateralized by spot BTC and ETH and kept near-par via a delta-neutral hedging strategy using derivatives. HTX will also launch a daily rewards program for USDe holders (paid weekly) and promotional products including a Flexible Earn product offering up to 15% APY and a trading competition with a 10,000 USDe prize pool (running through Feb 20). HTX and Ethena say the move improves capital efficiency, liquidity access and on/off-ramp simplicity between CeFi and DeFi, making it easier for traders to gain dollar exposure via a crypto-native synthetic asset.
Neutral
The integration is primarily a product and liquidity improvement rather than a direct demand driver for a tradable token price. For USDe itself (a dollar-pegged synthetic asset), the news is neutral for price appreciation because its design is to maintain parity with the dollar; improved mint/redemption and rewards increase usability and could raise adoption, but that mainly affects liquidity and capital efficiency rather than upward price pressure. Short-term impacts: increased on-platform flows and promotional rewards may raise trading volumes and temporary demand for USDe pairs, reducing slippage and improving access. Long-term impacts: better CeFi–DeFi plumbing and higher utility could increase adoption and market depth, supporting tighter pegs and lower volatility for USDe but not a bullish price move; any indirect effect on BTC/ETH could be marginal (small additional on-chain collateral demand). Overall, the announcement reduces friction and risk for traders using USDe but does not create inherent appreciation pressure on the synthetic dollar itself.