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Ethena, a protocol on Ethereum, has introduced USDe, a stablecoin aiming to compete with major stablecoins like USDT. USDe has gained traction as a collateral and trading pair on exchanges, offering users USD yield and capital efficiency. Bybit's endorsement of USDe has led to an 8% increase in Ethena's governance token.
.@Ethena_labs's governance token jumped 8% after crypto exchange Bybit endorsed the protocol's USDe token as a collateral for perpetuals trading. @sndr_krisztian reports https://t.co/eINszo02sP
USDe just joined the elite USDT, USDC, USDe. The trinity of USD collateral on exchange Only one is yield bearing. https://t.co/j2FPFxgrxP
Why is this historical? Because as a user you can finally earn some of the USD yield back. Also, if you go long ETH and BTC perps, you pay funding. If you use USDe collateral, you offset a big chunk of it. Ethena x CeFi = capital efficiency https://t.co/CFmfzSF765
