Ethena Labs' USDe Continues to Make Moves to Position Itself as a Logical Alternative to USDC and USDT as the Stablecoin Competition Heats Up

Ethena Labs' USDe continues to make moves to position itself as a logical alternative to USDC and USDT as the stablecoin competition heats up.

Ethena Labs’ USDe continues to make moves to position itself as a logical alternative to USDC and USDT. The latest in a series of progressive moves Ethena Labs has made involves Bybit, one of the largest exchanges in the industry.

According to a recent tweet from Bybit, the exchange’s users can now mint, redeem, and earn USDe on Bybit On-chain earn, an ongoing campaign. Ethena Labs also shared a tweet to commemorate the partnership.

Announcing a new integration with @Bybit_Official!

Now Bybit users can mint & redeem USDe natively, without leaving the platform.

This feature perfectly complements Bybit USDe holders' ability to earn rewards for holding USDe as well as using it for derivatives margin collateral.

As always, Ethena is committed to innovating user experiences and maximizing capital efficiency with our partners.

The partnership was also announced by Ethena Labs, which highlighted how the move will help users of all sizes to seamlessly move between USDe and other stablecoins at fixed costs.

"This is expected to help support deeper liquidity on the exchange," the company noted in a statement.

The integration with Bybit follows Ethena Labs securing funding from major investors, including Franklin Templeton, for its new blockchain and token initiative designed for the traditional finance industry.

The company is aiming to create a "pivotal role" for stablecoins in promoting cryptocurrency usage and adoption.

"Together with our partners, we are revolutionizing the way value is stored and exchanged," Ethena Labs added.

The development comes after the SEC approved the country’s first yield-bearing stablecoin security from Figure Markets. The forthcoming YLDS stablecoin will allow users to earn interest payments on their holdings.

The application was submitted to the SEC more than one year ago, Cagney said, and it most likely would not have been taken seriously by the previous administration.

“If I can hold this [stablecoin], if I can self-custody this, if it pays me interest, and I can actually use it to transact, what do I need a bank for?” Cagned said.