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Ethena, Bybit Partner: USDe as Collateral, Zero Fees, Up to 70% APY

May 7, 2024, 12:30 PM

Ethena has partnered with Bybit to integrate its stablecoin, USDe, as a collateral asset on Bybit's platform. This strategic move is aimed at challenging the dominance of other major stablecoins like USDT by offering USDe in bitcoin and ether spot trading pairs with zero trading fees, and as collateral in perpetual trades. Bybit's integration of USDe also includes potential yield earnings, with promises of up to 70% annual percentage yield (APY) on collateral. Additionally, USDe will be featured on Bybit's Earn platform, positioning it alongside USDT and USDC as a key USD collateral option on exchanges. This development is seen as a significant step for USDe in competing as a major stablecoin and is expected to attract traders from other exchanges.