dailyhodl.com
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.