Ethena, Bybit partner to integrate USDe for perpetual futures

Introduction to Ethena Labs Partnership with Bybit

Ethena Labs has partnered with crypto exchange Bybit to introduce its synthetic stablecoin USDe as a collateral asset for perpetual futures trading on Bybit’s Universal Trading Account. This collaboration aims to provide users with the opportunity to leverage USDe for trading, potentially opening up new avenues for yield generation and enhanced capital efficiency. The press release detailing this partnership can be found here.

Integration of USDe on Bybit Platform

Aside from being used as collateral for perpetual futures trading, USDe will also be paired with Bitcoin (BTC) and Ethereum (ETH) for spot trading on Bybit. This integration offers Bybit users more flexible trading options and access to additional trading pairs. Additionally, USDe will be added to Bybit’s Earn platform, allowing participants to utilize the stablecoin for launchpool farming. Stay updated on USDe’s price changes here.

Significance of the Partnership

Guy Young, the founder and CEO of Ethena Labs, emphasized the importance of the partnership with Bybit, highlighting its potential to challenge existing stablecoins in the market. By offering USDe as collateral on Bybit, a leading derivative venue in the crypto space, Young believes that this move will propel USDe’s growth to new heights. USDe, positioned as “the first-ever scalable synthetic dollar,” aims to stand out in the competitive stablecoin market with recent expansions in backing assets and distribution of its governance token, ENA.

Best Exchanges

Sign up now to enjoy a 20% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with Bybit!

Sign up now to enjoy a 20% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with Binance!

Sign up now to enjoy a 10% - 30% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with OKX!

© Copyright 2023 | Powered by Inscoin