Ethena's ENA Jumps 8% as Bybit Endorses USDe Token as Collateral for Derivatives Trading

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Bybit has integrated USDe as a collateral asset for derivatives trading and also listed spot bitcoin and ether pairs against the token.ENA hit its highest price in two weeks before retreating somewhat to $0.

Lim pointed out that the addition helps reduce risk for perpetual traders as USDe carries an embedded short position in itself.Ethena has stormed the crypto scene this year, becoming one of the fastest growing DeFi protocol with its tokenized yield-generating investment offering that attracted over, while also drawing plenty of scrutiny of risks from market observers still marred by the crypto implosions of the bear market.

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