Partnership Announcement

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Bybit is excited to announce our partnership with 

Ethena is a synthetic dollar protocol built on Ethereum, offering a crypto-native solution for money that is not reliant on the traditional banking system infrastructure.

Ethena's synthetic dollar, USDe, aims to provide the first censorship-resistant, scalable, and stable crypto-native money solution. This is achieved by delta-hedging staked Ethereum collateral on derivatives exchanges. USDe will be fully backed with crypto collateral and freely composable throughout both CeFi and DeFi ecosystems.

Bybit will play a crucial role as a partner for Ethena, handling a significant portion of Ethena's initial hedging flow. This collaboration represents a strategic step toward addressing one of the crypto industry's most fundamental challenges: creating a crypto-native solution to digital money.

Bybit and Ethena are excited to work together in building the first solution to digital money that is not reliant on traditional banking infrastructure.

For every dollar of USDe minted, Ethena will hedge the equivalent notional value on derivative exchanges. Bybit will play an integral part of Ethena’s hedging strategy, as we are the exchange with the second-largest Ethereum derivatives volumes and open interest in the industry.

Additionally, the introduction of Ethena and USDe provides Bybit users the opportunity to diversify their stablecoin holdings into a crypto-native product, offering an uncorrelated risk profile compared to the centralized stablecoins that currently dominate exchanges across CeFi and DeFi.

For exchanges, having diversified stablecoin holdings will allow them to better protect themselves from any stablecoin-specific incidents that may impact their users.

Innovative Solutions: stETH and Off-Exchange Custody 

Bybit has emerged as one of the leaders in CeFi adoption of stETH, exemplified by its introduction of zero fee redemptions for stETH, enabling stETH to be used as a collateral asset for trading and borrowing, as well as being one of the most liquid CeFi exchanges offering stETH spot markets. This makes Bybit a natural partner for integration with Ethena. Together, Bybit and Ethena are committed to driving the adoption of stETH across both CeFi and DeFi landscapes.

Our commitment to integrate this technology further solidifies Bybit’s long-standing focus on providing trading infrastructure that meets the demands of large institutional players. We take pride in being measured by our ability to support traders with the best execution practices essential for institutional standards.

In light of the heightened caution among institutional investors regarding the custody of their capital on exchanges after the events of 2022, Ethena and Bybit are collaborating to propel the space forward and attract a new wave of investments.

To separate custody and execution — akin to traditional markets — and to offer a truly transparent and on-chain stablecoin, Ethena is committed to using off-exchange custodians for accessing centralized liquidity. We look forward to driving this initiative together with Ethena and bringing a transformative change to the industry.

Ethena will also collaborate with Mantle as a long-term partner to widen the reach of a crypto-native solution to digital dollars. Mantle will be one of the first cross-chain deployments of USDe beyond Ethereum Layer 1 when the product is ready to expand to Layer 2s. 

In addition, the Mantle mETH asset will be enabled as a collateral asset to mint USDe with direct integration to Bybit. Integrating with Ethena will allow mETH and the Mantle ecosystem to proliferate further throughout DeFi and help support a truly censorship-resistant digital dollar.

Bybit, in collaboration with Ethena and Mantle, is enthusiastic about contributing to the industry by offering an innovative solution to the challenges of bringing dollars onto the blockchain. Bridging CeFi and DeFi, USDe represents a significant step towards achieving censorship resistance and establishing crypto-native money in the industry.

Risk warning: Trading cryptocurrencies involves significant risk. You should exercise caution when buying any crypto assets and ensure that you have sufficient independent analysis and advice before making a decision to undertake any exposure to crypto assets.

Bybit is excited to announce our partnership with Ethena, enabling the integration of USDe on our platform.

Bybit x Ethena Labs Collab: Integration of Ethena's Synthetic Dollar (USDe)

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