Bybit has partnered with Ethena Labs to use USDe as collateral and spot trading pairs

According to ChainCatcher, The Block reported that the cryptocurrency exchange Bybit announced a new partnership with Ethena Labs to integrate the latter's synthetic dollar USDe as a collateral asset into its Unified Trading Account (UTA). Users will be able to trade perpetual contracts for all assets using USDe, with the potential to earn returns and "unlock higher capital efficiency."

This integration will also add USDe trading pairs with Bitcoin and Ethereum in the spot market. USDe will also be launched on Bybit's Earn platform, allowing users to participate in Launchpool mining with the synthetic dollar. Guy Young, founder and CEO of Ethena Labs, stated that this move is an important step in promoting the use cases of USDe. Providing USDe as collateral on Bybit, a significant derivatives platform, will unlock potential for its next wave of growth and further challenge the existing stablecoin dominance.