Ethena Labs has just unlocked a major feature for Bybit users: the ability to mint and redeem USDe directly within the exchange.
This integration is expected to streamline access to Ethena’s synthetic dollar, allowing traders to seamlessly move between USDe and other stablecoins without the need for external wallets.
With over $3.5 billion in USDT and USDC sitting on Bybit, this development could significantly boost liquidity while enhancing capital efficiency for users. It should be noted that other exchanges have also invested heavily in supporting Ethena.
ByBit and Ethena
The news comes amid the ongoing drama of the ByBit hack, in which Lazarus, a North Korea-affiliated hacker group, managed to launder over $1.4 billion.
Bybit’s new USDe functionality means users can now mint, redeem, and swap USDe at a fixed cost within the exchange, eliminating the friction of moving funds between platforms. This marks a big step forward for stablecoin users looking for more efficient ways to interact with on-chain assets.
Previously, converting between stablecoins required multiple transactions across wallets and exchanges, incurring network fees and delays. Now, with USDe fully integrated into Bybit, traders can efficiently hedge, store value, and use USDe for derivatives collateral—all while earning passive rewards.
Additionally, community voting on $ENA rewards is underway, with early voters receiving a multiplier on their points. This suggests Ethena’s ecosystem is rapidly evolving, with more incentives and integrations coming soon.
