Ethena Labs and Bybit Unveil High-Yield USDe Collateral with 20% APR
Starting August 2nd, Ethena Labs has teamed up with Bybit to introduce a new feature for crypto traders. Bybit users can now earn rewards by holding or using USDe as collateral. This innovative feature offers up to 20% APR, paid daily, for keeping USDe in Bybit accounts or using it to trade derivatives.
Bybit Introduces Top APR for USDe Collateral, Enhancing Trading Efficiency
This APR rate is the highest that users can find for any USD-denominated asset on Bybit. Daily APR earnings can be monitored from the Saving or the UTA/Funding account navigation. This new system is designed to make the best out of USD collateral that amounts to more than $30B across exchanges.
With this integration, Bybit enables users to earn passive incomes on their USDe collateral, which can be seen as a milestone in trading advancement. This feature is unique within the crypto market and is aimed at improving the utilization of capital for various trading strategies. Users will receive their rewards every day at 6 AM UTC directly to their Funding account with no minimum holding requirement.
Bybit Removes Fees for USDe/USDT and USDe/USDC Trades
According to the information on Bybit, there will be no fees if one wishes to buy or sell USDe through the USDe/USDT or USDe/USDC trading pairs. This too makes USDe even more appealing and more likely to be adopted given the fact that this fee has been removed.
In the long run, this launch is a huge milestone for the development of USDe since it would mean more usage in both CeFi and DeFi settings. As Bybit and Ethena Labs adopt USDe for their utilization, they are eradicating dominance set by stablecoins and providing new paradigms in trading and investing in the crypto space.
