Ethena and Bybit Partner for 20% APR on USDe Collateral

• Ethena Labs partners with Bybit to offer up to 20% APR on USDe collateral.
• USDe integration with Bybit enables fee-free trading and daily rewards.

Beginning August 2nd, Bybit users will have an exciting new possibility to earn prizes in USDe. By merely holding USDe or trading derivatives with USDe as collateral in their Bybit accounts, users can earn up to 20% APR paid daily.

This product has the highest APR on any USD-denominated asset accessible on Bybit, making it an appealing choice for both traders and investors.

Introducing USDe as reward bearing stable margin collateral with @Bybit_Official:

As of August 2nd, all Bybit users will be able to earn up to 20% APR, paid daily, for simply holding USDe, or trading derivatives with USDe collateral, in your Bybit accounts

Details below: pic.twitter.com/BhGGTFTHlR

— Ethena Labs (@ethena_labs) July 30, 2024

USDe Integration with Bybit Enhances Capital Efficiency and Fee-Free Trading 

USDe’s integration with Bybit’s platform enables customers to earn rewards for their collateral while trading derivatives. Currently, approximately $30 billion in USD collateral is being used to margin perpetuals across all exchanges, with no additional value captured.

USDe allows customers to possibly offset their funding expenses using collateral, a first in cryptocurrency history. This innovation will fundamentally change trading by increasing capital efficiency for all traders.

Furthermore, Bybit users will be able to purchase and sell USDe with no fees in both the USDe/USDT and USDe/USDC spot pairs.

This fee-free trading increases USDe’s usability, making it an even more desirable asset for platform users. This integration marks a crucial step toward USDe being utilized as a currency on exchanges, extending its practical applications in the crypto sector.

Previously, CNF revealed that Ethena Labs had welcomed partners BlackRock and Securitize to allocate reserve funds. At the time, the platform made a proposal for reward-bearing assets, encouraging issuers to apply for allocations from its liquid fund support.

Furthermore, as we previously reported, Lyra Finance teamed with Ethena Labs to provide leveraged exposure to ETH without incurring initial capital risk. Furthermore, Ethena Labs’ stablecoin USDe gained utility via integrations with Cloudbet and Bybit, reinforcing its market position.

At the time of writing, Ethena’s native token, ENA, is trading at around $0.4097, down 5.17% over the last 24 hours and remaining in a downtrend over the past week.