- Bybit is incorporating USDe, the synthetic dollar created by Ethena Labs, into spot trading pairings for ether and bitcoin as well as collateral assets.
With this new relationship, Ethena and Bybit, the cryptocurrency exchange, will be able to trade perpetual futures of all assets in the exchange’s UTA using USDe as a collateral asset. This might allow users to trade with the possibility of earning interest and “unlocking greater capital efficiency.”
According to a press release, spot trading pairings for ether and bitcoin with USDe will also be added to the integration.
Users will be able to use their fake dollars for Bybit launchpool farming when USDe launches on the exchange’s Earn platform.
Guy Young, the CEO and founder of Ethena Labs, stated that Ethena’s integration with Bybit is an important step in advancing application cases for USDe. Offering USDe as collateral on Bybit, one of the most significant cryptocurrency derivative markets, would enable USDe to enter a new phase of growth and challenge the current stablecoin hegemony with a product designed specifically for users who are familiar with cryptocurrency, they continued.
Ethena Labs supports the stablecoin USDe, which it claims to be “the first-ever scalable synthetic dollar.” The group airdropped its governance token, ENA, to qualified users last month, and then added bitcoin as a backing asset for USDe.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
