Upbit, South Korea’s largest cryptocurrency exchange, announced that it will add USDe, the synthetic stablecoin developed by Ethena, to its trading platform. The new asset will be offered to users along with South Korean won, Bitcoin and USDT parities. While transaction support is planned to start in the evening hours of January 14, deposits and withdrawals will only be possible through the Ethereum network. Upbit management informed users in advance about network compatibility and transaction restrictions.
USDe Trading Period Begins on Upbit
According to Upbit’s official statement, USDe will be listed simultaneously on KRW, BTC and USDT markets. While transaction support is expected to be activated as of January 14 at 18.00 CET, deposit and withdrawal transactions will be opened in approximately 1 hour and 30 minutes after the announcement. The platform clearly emphasized that it will only accept transfers made via the Ethereum network.
Temporary rules will be applied to limit price volatility during the first trading hours. Buy orders will be restricted in the first minutes after listing, and only limit orders will be allowed for a certain period of time. In addition, sales orders cannot be entered below the rates determined compared to the closing price of the previous day.
Upbit stated that reference prices will be determined based on CoinMarketCap data. Users were asked to verify the contract address and network information before the transfer. It is also specifically reminded that transactions made from incompatible networks may not be reflected and the refund process may take a long time.
Structure and Usage of Ethena USDe
USDe is built on a synthetic structure, unlike traditional collateral stablecoin models. The system developed by Ethena aims to establish a delta-neutral balance by combining spot cryptocurrency collateral with continuous forward short positions of the same nominal value. Thanks to this structure, the effect of price fluctuations in collateral assets is balanced.
The model differs from classical overcollateralized CDP systems. The structure, which aims to reduce the risk of forced liquidation in case of sudden price declines, focuses on eliminating price exposure through hedging positions. The Ethena team aims to limit operational risks with automatic hedging mechanisms, off-exchange custody solutions and reserve structures.
USDe is positioned as collateral and digital store of value for blockchain payments, decentralized finance applications, derivative transactions. With the Upbit listing, the altcoin in question will have access to a wider user base in the South Korean market.
