Ethena, Bybit Boost USDe in Crypto with 70% APY, Zero-Fee Trading

May 7, 2024, 04:43 PM

Ethena Labs has partnered with Bybit, the third largest offshore exchange, to integrate its USDe stablecoin as a collateral asset on Bybit's platform. This collaboration aims to enhance USDe's utility by including it in bitcoin and ether spot trading pairs with zero fees, and as a collateral for perpetual futures trading. Additionally, USDe will be featured on Bybit's Earn platform, potentially offering up to 70% annual percentage yield (APY) on collateral. Following the announcement, Ethena's governance token jumped 8%. This strategic move is seen as a significant step for USDe in competing with other major stablecoins like USDT.