Ethena and Bybit Partner, Target 70% APY with USDe in Crypto Trading

May 7, 2024, 12:33 PM

Ethena has partnered with Bybit to integrate its stablecoin, USDe, into Bybit's trading platform. This collaboration will allow USDe to be used as collateral for trading perpetuals, included in Bitcoin and Ethereum spot trading pairs, and featured within Bybit's Earn platform, potentially offering zero trading fees and an annual yield of approximately 70%. The move is seen as a strategic attempt by both companies to challenge competitors and capture a larger share of the cryptocurrency market, particularly targeting users currently trading with other stablecoins.