Bybit will list USDe as collateral asset and spot trading pair

BlockBeats news, on May 7, cryptocurrency exchange Bybit announced a new cooperation with Ethena Labs, and will integrate the synthetic US dollar USDe issued by the latter as a collateral asset into its unified trading account (UTA). Users can use USDe to trade perpetual contracts for all assets, which is expected to gain returns and "release higher capital efficiency."

The integration will also increase spot trading pairs of USDe with Bitcoin and Ethereum. USDe will also be launched on Bybit's Earn platform, and users can use synthetic dollars to participate in Launchpool mining. Guy Young, founder and CEO of Ethena Labs, said that this move is an important step in promoting the use of USDe. Providing USDe as collateral on Bybit, an important derivatives platform, will unlock the potential for its next wave of growth and further challenge the existing stablecoin hegemony.