Bybit, one of the largest crypto exchanges in the world, is set to boost the adoption of USDe, a new Ethereum-based USD-pegged stablecoin. Ethena Labs, the creator of USDe, announced the integration of the stablecoin into Bybit’s platform. This move will allow Bybit users to use USDe as collateral for perpetual futures, trade it as a spot pair with Bitcoin and Ethereum, and participate in Bybit’s Earn program.
The introduction of USDe on Bybit marks a significant development in the adoption of the stablecoin. It expands its utility beyond its current spot pair with USDT and opens up new opportunities for traders. By using USDe as collateral, users can potentially earn a yield paid by Bybit on their USD-pegged assets while trading their favorite tokens, including BTC, ETH, SOL, and ENA.
USDe, developed by Ethena Labs, is an industry-first scalable synthetic dollar. It aims to maintain its USD peg through the backing of ETH and BTC. The integration of USDe on Bybit is expected to drive more interest and liquidity to the stablecoin.
Following the announcement, the price of ENA, the governance token of the Ethena blockchain, experienced a slight decline of 2.8%. However, ENA is still up 9% in the last 24 hours, indicating positive market sentiment.
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