Bybit, the second-largest cryptocurrency exchange in the world, announced a significant update to its On-Chain Earn product, allowing users instant access to the stablecoin USDtb.
Bybit's On-Chain Earn Update
Bybit has introduced a new update to its On-Chain Earn product, allowing users to directly mint and redeem the stablecoin USDtb without any access restrictions. This innovation removes the need for lengthy procedures and waits.
USDtb: The New Stablecoin
USDtb is a next-generation stablecoin developed by Ethena. It is designed to maintain a 1:1 value with the U.S. dollar and, unlike traditional stablecoins, is not backed by cash reserves but by U.S. Treasury assets, allowing it to offer the stability of traditional finance along with the speed and flexibility of crypto.
Minting and Redeeming USDtb Process
With this update, Bybit users can mint USDtb by depositing USDT, USDC, or USDe without the need for intermediaries. The minting process has become quick and simple, and swapping back to the same stablecoins occurs without delays or additional steps.
Bybit's On-Chain Earn update significantly simplifies user access to USDtb and opens new opportunities in the stablecoin world by integrating a convenient minting and redeeming process.
