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Leading cryptocurrency exchange Bybit has announced it will integrate Ethena Labs’ synthetic dollar USDe (USDE) as a collateral asset on its platform. The cryptocurrency exchange will also list USDe in spot trading pairs with Bitcoin (BTC) and Ethereum (ETH).
Integration of USDe into Bybit Exchange
Ethena Labs has established a new partnership with cryptocurrency exchange Bybit to integrate USDe as a collateral asset for all assets in Bybit’s UTA for perpetual futures trading. This partnership will potentially offer users higher returns and unlock more capital efficiency.
The press release also stated that the integration includes adding USDe trading pairs against Bitcoin and Ethereum in the spot market of the cryptocurrency exchange. USDe will also start being used on Bybit’s Earn platform, allowing users to invest their synthetic dollars in projects on Bybit Launchpool.
Guy Young, CEO and founder of Ethena Labs, stated, “Ethena’s integration with Bybit is a significant step in expanding the use of USDe. Offering USDe as a collateral asset on Bybit, one of the most important derivative platforms in the crypto industry, will unlock the next growth wave for USDe. This integration marks a significant step in challenging the existing stablecoin hegemony with a product specifically designed for crypto natives.”
The First Scalable Synthetic Dollar
USDe is a stablecoin supported by Ethena Labs, touted as the “first scalable synthetic dollar.” The stablecoin aims to index the price of the targeted asset to the US dollar at a 1:1 ratio.
As known, last month, Ethena Labs distributed its main network asset, Ethena (ENA), to eligible users via AirDrop and then began holding BTC as a reserve asset for USDe.
