Ethena Labs has partnered with crypto exchange Bybit to introduce the synthetic stablecoin USDe as a collateral asset for perpetual futures trading on Bybit’s Universal Trading Account.

According to a recent press release, this collaboration will allow users to utilize USDe for trading, potentially opening up new opportunities for yield generation and improved capital efficiency.

In addition to being used as a collateral asset, USDe will also be paired with Bitcoin (BTC) and Ethereum (ETH) for spot trading on Bybit, giving users more flexibility in their trading options. Furthermore, Ethena’s stablecoin will be integrated into Bybit’s Earn platform, enabling participants to engage in launchpool farming activities.

Guy Young, founder and CEO of Ethena Labs, emphasized the importance of this partnership in challenging the dominance of existing stablecoins. By offering USDe as collateral on Bybit, a significant derivative platform in the crypto space, Young believes that the growth of USDe will be further accelerated.

Described as "the first-ever scalable synthetic dollar," USDe aims to set itself apart in the competitive stablecoin market. Ethena Labs has recently expanded its backing assets to include Bitcoin and distributed its governance token, ENA, to eligible users.

These strategic initiatives, combined with the partnership with Bybit, position USDe for increased adoption among crypto traders.