Ethena has recently revealed a strategic partnership with the crypto exchange Bybit, aiming to incorporate USDe as a collateral asset for trading perpetual futures across all assets within Bybit's UTA. This integration holds the promise of offering users the opportunity to generate yield and enhance their capital efficiency.
Furthermore, the collaboration will introduce bitcoin and ether spot trading pairs paired with USDe, as outlined in a press release.
USDe is set to debut on the exchange's Earn platform, enabling users to utilize their synthetic dollars for Bybit launchpool farming activities.
Guy Young, the CEO and founder of Ethena Labs, expressed enthusiasm about this development, highlighting its potential to expand the utility of USDe. Young emphasized that integrating USDe as collateral on Bybit, a prominent derivative venue within the crypto sphere, marks a significant stride in unlocking further growth for USDe. He underscored the product's tailored design for crypto-native users, presenting a compelling alternative to existing stablecoins.
USDe, positioned as the inaugural scalable synthetic dollar by Ethena Labs, recently made headlines by incorporating bitcoin as a backing asset. This move followed the distribution of its governance token, ENA, through an airdrop to eligible participants.
May 2024, Cryptoniteuae