A new Ethereum (ETH)-based USD-pegged stablecoin is getting a boost from one of the world’s largest crypto exchanges.
Ethena Labs has announced that USDe, the stablecoin of the Ethena (ENA) ecosystem, is being integrated by Bybit, the third largest crypto exchange by trading volume.
“We are excited to share one of the most important developments for USDe adoption to date.
As of this week, USDe will be integrated throughout Bybit, beyond the current USDe/USDT spot pair.
Those new integrations include:
USDe as a collateral asset to trade perpetual futures, allowing Bybit users to potentially earn a yield paid by Bybit on their USD-pegged collateral while trading any of your favorite tokens including BTC, ETH, SOL and ENA.
BTC and ETH – USDe zero-fee spot pairs
USDe launch within the Bybit’s ‘Earn’ platform”
As explained in the post, USDe will be used on Bybit as collateral for perpetual futures, as a spot trading pair for Bitcoin (BTC) and Ethereum, and as part of the trading platform’s Earn program.
Ethena Labs bills USDe as an industry-first scalable synthetic dollar. USDe aims to maintain its USD peg with ETH and BTC backing.
Since the announcement this morning, ENA, the governance token of the Ethena blockchain, ENA has fallen 2.8%, currently trading for $0.954. However, ENA is still up 9% in the last 24 hours.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
