Ethena Partners with Bybit to Integrate USDe as Collateral Asset For Perpetual Futures

Reported by The Block, Ethena has announced a new partnership with crypto exchange Bybit to integrate USDe as a collateral asset to trade perpetual futures of all assets in the exchange's UTA — potentially providing users with the ability to earn yield and "unlock greater capital efficiency."

The integration will also see the addition of bitcoin and ether spot trading pairs with USDe, according to a press release.

USDe will also launch within the exchange's Earn platform, and users will be able to use their synthetic dollars for Bybit launchpool farming.

“Ethena’s integration with Bybit is a significant step in driving use cases for USDe,” Guy Young, CEO and founder of Ethena Labs, said. “Offering USDe as collateral on Bybit which is one of the most important derivative venues in all of crypto will unlock USDe’s next wave of growth, further challenging the existing stablecoin hegemony with a tailored product purpose-built for crypto-natives," they added.

USDe is a stablecoin supported and billed by Ethena Labs as being "the first-ever scalable synthetic dollar." Last month, the organization added bitcoin as a backing asset for USDe after airdropping its governance token, ENA, to eligible users.