One of the top three cryptocurrency exchanges in the world by volume, Bybit, has integrated Ethena Labs’ synthetic dollar USDe to be used as collateral for trading activities. In the upcoming months, Bybit expects to offer more USDe spot pairings. With this, traders will be able to use Bybit’s Unified Trading Account to trade with improved capital efficiency and earn yield on base assets.
Hao Yang, head of financial products at Bybit stated:
“Our decision to integrate Ethena Labs’ synthetic dollar, USDe, as a collateral asset on Bybit is a game-changer. What we’re seeing is Ethena setting up USDe to become a competitor to USDT, which became the giant it is by dominating the trading pair market on crypto exchanges. This creates a dynamic dualism between TradFi-backed stablecoins such as USDT and crypto-native solutions like USDe.”
Yang continued:
“By enabling USDe for use in Bybit Futures and Earn, we are tapping into the demand for more versatile financial tools that empower our 28 million users to manage and grow their portfolios in innovative ways. Now, by combining the different risk profiles of USDT and USDe, our users can enjoy even greater flexibility in how they manage their assets.”
Through their Unified Trading Account, Bybit customers may utilize the new product across derivatives and access USDe through the Bybit Spot platform.
