Deniz 
Bybit, a cryptocurrency exchange, and Ethena have announced a cooperation to make USDe a collateral asset for trading perpetual futures of all assets in the Bybit UTA. This might give customers the chance to earn interest and “unlock greater capital efficiency.”
An official announcement states that USDe spot trading pairs for bitcoin and ether will also be added as part of the integration. Along with the debut of USDe on the exchange’s Earn platform, customers will soon be able to farm Bybit launchpools using their synthetic dollars.
“The integration between Ethena and Bybit is a major milestone in fueling the use cases for USDe,” remarked Guy Young, CEO and founder of Ethena Labs. “Bybit is one of the most important derivative venues in all of crypto.“By offering USDe as collateral on Bybit, the US dollar will unlock its next wave of growth and challenge the existing stablecoin hegemony with a tailored product purpose-built for crypto-natives,” they added.
The stablecoin, developed and promoted by Ethena Labs, is supposedly “the first-ever scalable synthetic dollar.” Following last month’s airdrop of its governance token, ENA, to qualified users, the organization’s USDe now has bitcoin as a backing asset.