- Bybit, one of the largest derivative exchanges in the crypto sector, has begun supporting the stablecoin issued by Ethena Labs.
- The stablecoin, named USDe, will be used as an underlying asset in perpetual futures contracts on Bybit.
- Bybit will also open trading pairs against USDe in its Bitcoin and Ethereum spot markets.
Bybit, a major crypto derivatives exchange, has started supporting Ethena Labs’ stablecoin, USDe, opening new trading opportunities and challenging existing stablecoin hegemony.
Bybit Supports Ethena Labs’ Stablecoin
Bybit, a leading player in the crypto derivatives market, has announced its support for USDe, a stablecoin issued by Ethena Labs. This move marks a significant development in the crypto sector, as it allows the stablecoin to be used as an underlying asset in perpetual futures contracts on Bybit. This is expected to open up new trading opportunities for crypto investors and traders on the platform.
USDe Trading Pairs in Bitcoin and Ethereum Spot Markets
In addition to its use in futures contracts, Bybit will also open trading pairs against USDe in its Bitcoin and Ethereum spot markets. This move will provide traders with more options and flexibility in their trading strategies. The introduction of USDe trading pairs is expected to boost the liquidity and trading volume of these spot markets.
USDe: A New Player in the Stablecoin Market
USDe, described as a “synthetic dollar”, is a new entrant in the stablecoin market. It will also be added to Bybit’s Earn platform, where it can be used for farming purposes. This development follows Binance Labs’ investment in Ethena Labs after completing its sixth incubation program. Ethena Labs also has a cryptocurrency named ENA.
Conclusion
The use of USDe as a collateral asset on Bybit, one of the most important derivative platforms in the crypto space, is expected to unlock a new wave of growth for USDe and further challenge the existing stablecoin hegemony, according to Ethena Labs CEO Guy Young. This development underscores the growing influence and acceptance of new stablecoins in the crypto market.
