Ethena Labs, a leading provider of synthetic assets, has announced a strategic partnership with Bybit, a prominent cryptocurrency exchange.
Ethena Labs, a leading provider of synthetic assets, has announced a strategic partnership with Bybit, a prominent cryptocurrency exchange. The collaboration aims to integrate USDe, Ethena's scalable synthetic dollar, as a collateral asset for trading perpetual futures across all assets in Bybit's UTA (Universal Token Adapter). In addition to the collateral integration, the partnership will introduce BTC and ETH spot trading pairs with USDe on the exchange. This enhancement provides users with more diverse trading options and expands the utility of USDe within the Bybit ecosystem.
The benefits of this collaboration extend beyond trading. Bybit's Earn platform will also feature the launch of USDe, enabling users to utilize their synthetic dollars for Bybit launchpool farming. This integration opens up avenues for users to maximize their earnings and participate in yield generation activities.
Guy Young, CEO and founder of Ethena Labs, expressed the significance of the integration with Bybit, highlighting the potential for USDe's growth. Young stated, "Offering USDe as collateral on Bybit, which is one of the most important derivative venues in the crypto space, will unlock USDe's next wave of growth." He further emphasized that USDe challenges the existing stablecoin dominance by providing a tailored product specifically designed for crypto-native users.
USDe is a stablecoin developed by Ethena Labs, touted as the first-ever scalable synthetic dollar. Last month, Ethena Labs introduced Bitcoin as a backing asset for USDe, following the airdrop of its governance token, ENA, to eligible users.
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