Bybit, one of the world’s leading cryptocurrency exchanges in terms of trading volume, has incorporated Ethena Labs’ synthetic dollar, USDe, as a collateral option for trading, according to the information shared with Finbold on May 8.
The integration aims to enhance capital efficiency for traders, enabling them to earn yields on their base assets while trading through their Bybit’s Unified Trading Account.
The importance of Ethena Labs’ synthetic dollar
Hao Yang, head of financial products at Bybit, expressed the significance of the integration, stating:
“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 further explained that by enabling USDe for use in Bybit Futures and Earn, the platform would be tapping into the demand for more versatile financial tools that empower 28 million users to manage and grow their portfolios in innovative ways.
Enhanced trading flexibility on Bybit
By combining the different risk profiles of Tether (USDT) and USDe, Bybit users can enjoy even greater flexibility in how they manage their assets.
Thanks to the integration, Bybit users can also access USDe through the platform’s Spot trading, utilizing the new product across derivatives within their Unified Trading Account.
Bybit also plans to list additional USDe spot pairs in the coming months, expanding the options available to traders.
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