<\/p>\n
Traders will also get exposure to zero-fee trading with BTC and ETH pairs.<\/p>\n
Synthetic stablecoin startup Ethena Labs today unveiled<\/a> an integration with Bybit to add its USDe token as a collateral asset on the crypto exchange.<\/p>\n Adding support for USDe will allow users to trade perpetuals while potentially capturing yield on Ethena\u2013which currently sits at 15.3%\u2013along with zero-fee trading on bitcoin and ether spot trades. Bybit users will also integrate the token to its Earn platform.<\/p>\n Ethena\u2019s native token, ENA, edged up on the news . It\u2019s up 1.5% to $0.97, at a $1.3 billion market capitalization. The team airdropped 5% of ENA\u2019s total supply to early adopters, amassing a whopping $1 billion market cap on day 1, as the project also kicked off its \u201cSats Campaign<\/a>.\u201d<\/p>\n Today\u2019s integration only adds gunpowder to the so-called stablecoin wars<\/a>, which heated up last week as PayPal enabled PYUSD for cross-border payments, and Ripple touted its own U.S. dollar pegged-stablecoin.<\/p>\n According to the team<\/a> at Ethena, they are mimicking the success of the two top stablecoins on the market, USDT and USDC, which collectively account for more than 90% of the $160 billion stablecoin market capitalization.<\/p>\n \u201cThe success of USDT<\/a> and USDC<\/a> has been deeply tied to its use as money on centralized exchange venues within key trading pairs,\u201d read an X post from the Ethena social media team. \u201cAdding USDe into these spot pairs is the first step in growing adoption beyond DeFi into the most liquid trading venues in the space.\u201d<\/p>\n Placing USDe on Bybit is a definite win for the ecosystem, given the exchange\u2019s size. It trails Binance by 24-hour volume with $3.6 billion, landing third according to monthly visits with 39.1 million, and takes the top spot by trust score on CoinGecko.<\/p>\n Ethena Climbing the Ranks<\/strong><\/p>\n Ethena\u2019s ecosystem has been on a tear since it controversially<\/a> launched in mid February 2024. The startup unveiled a 27% yield on its stablecoin\u2013it has since dropped to 15%\u2013triggering PTSD<\/a> woes from the Terra collapse.<\/p>\n USDe, Ethena\u2019s synthetic stablecoin, backs the token that is pegged to $1, with staked ETH on Lido, while also hedging stETH with short ETH positions on centralized exchanges. Both stETH and short positions contribute to yield that\u2019s passed on to stablecoin holders.<\/p>\n After its aforementioned airdrop, USDe quickly climbed the ranks, and holds fifth place for stablecoins according to CoinGecko. It added 20% to its $2.4 billion market cap in early April, although it has since declined , settling on $2.29 billion.<\/p>\n