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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.
The collaboration, as detailed in a recent <a href="https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/z9qf28tMJ8YJs2yeONZzN8GuV8YVYvQjGBfuMVa6WIg" data-type="link" data-id="https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/z9qf28tMJ8YJs2yeONZzN8GuV8YVYvQjGBfuMVa6WIg" target="_blank" rel="noopener noreferrer nofollow">press release</a>, will enable users to leverage USDe for trading while potentially unlocking new avenues for yield generation and enhanced capital efficiency.
Alongside its integration as a collateral asset, <a href="https://crypto.news/price/usde/" rel="noopener noreferrer nofollow">USDe</a> will also be paired with Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) for spot trading, providing <a href="https://crypto.news/tag/bybit/" data-type="link" data-id="https://crypto.news/tag/bybit/" rel="noopener noreferrer nofollow">Bybit</a> users with more flexible trading options. Additionally, Ethena’s stablecoin will become part of Bybit’s Earn platform, allowing participants to utilize their USDe for launchpool farming.
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 Excited to share one of the most important developments for USDe adoption to date USDe will be integrated into <a href="https://twitter.com/Bybit_Official?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Bybit_Official</a>: i) Collateral to trade perpetuals while potentially capturing yield ii) BTC and ETH spot pairs with zero trading fees iii) Within the Earn platform <a href="https://t.co/zDDO2WdeNf" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/zDDO2WdeNf</a>— Ethena Labs (@ethena_labs) <a href="https://twitter.com/ethena_labs/status/1787826709687054825?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 7, 2024</a>
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Guy Young, founder and CEO of Ethena Labs, highlighted the partnership’s significance, emphasizing its potential to challenge the dominance of existing <a href="https://crypto.news/tag/stablecoin/" data-type="link" data-id="https://crypto.news/tag/stablecoin/" rel="noopener noreferrer nofollow">stablecoins</a>.
“Offering USDe as collateral on Bybit, one of the most important derivative venues in all of crypto, will unlock USDe’s next wave of growth,” Young said.
Billed as “the first-ever scalable synthetic dollar,” USDe seeks to distinguish itself in the competitive stablecoin market. Ethena Labs recently expanded its backing assets to include Bitcoin and distributed its governance token, ENA, to eligible users.
This strategic move, coupled with its collaboration with Bybit, positions USDe to gain further traction among crypto traders.
Read more: <a href="https://crypto.news/ethena-ena-surges-13-5-as-researcher-forecasts-100x-growth-in-altcoin-season/" rel="noopener noreferrer nofollow"> Ethena (ENA) surges 13.5% as researcher forecasts 100x growth in altcoin season </a>

Ethena, Bybit partner to integrate USDe for perpetual futures

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