–News Direct–
Bybit, the worlds third-largest crypto exchange by volume, is proud to announce the partnership of its institutional team with Ethena Labs, heralding the integration of the new USDe stablecoin on its platform.
Ethena's synthetic dollar protocol, USDe, offers a groundbreaking solution for decentralized money, independent of traditional banking infrastructure. It provides a censorship-resistant, scalable, and stable solution. By delta-hedging staked Ether (ETH) collateral on Bybit, USDe ensures full collateral backing without sacrificing ETH yield.
Bybit will play a crucial role in Ethena's strategy, handling a significant portion of the initial hedging flow for USDe. This partnership represents a strategic step towards creating a crypto-native solution to digital money.
The introduction of USDe on Bybit also provides the opportunity for users to diversify their stablecoin holdings into a crypto-native product. This offers an uncorrelated risk profile compared to the centralized stablecoins currently dominating exchanges.
Ethena keeps its assets with qualified custodians demonstrating Bybits commitment to providing infrastructure that meets the demands of large institutional players. Indeed, Ethena's approach to separate custody and execution, similar to traditional markets, and its commitment to using off-exchange custodians for accessing centralized liquidity, positions it as a transformative force in the industry.
Our collaboration with Ethena Labs represents our commitment to solving some of the biggest challenges in crypto today, not least, the creation of a decentralized stablecoin, said Ben Zhou, co-founder and CEO of Bybit. The integration of USDe on Bybit expands our stablecoin offerings, providing our users with an array of uncorrelated solutions accessible from our Unified Trading Account.
#Bybit / #TheCryptoArk
//ENDS
Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula Ones reigning Constructors and Drivers champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit's Communities and Social Media
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View source version on newsdirect.com: https://newsdirect.com/news/innovative-crypto-native-money-bybit-to-integrate-ethenas-usde-stablecoin-761639998
Bybit
COMTEX_444587266/2655/2023-12-07T07:46:54
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