In a recent partnership, Ethena and Bybit announced that the USDe synthetic dollar will earn rewards from Bybit of up to 10% APR. USDe is available as derivatives margin within Bybit’s Unified Trading Account (UTA), as well as in fee-free spot markets against USDT and USDC. Through Copper’s ClearLoop, institutional holders can deploy USDe balances instantly to the exchange, whilst they remain secure within Copper’s MPC custody infrastructure.

What is USDe?

USDe is a crypto-native synthetic dollar, with its peg stability supported through the use of delta hedging derivatives positions on centralized exchange venues.

Since its launch in February 2024, USDe has amassed a market cap of over $2.7bn, reaching a high of $3.6bn in early July.

Key Features:

USDe holders have the opportunity to earn rewards of up to 10% APR, paid daily by Bybit, on their collateral while holding spot or trading derivatives on Bybit.

Alongside using USDe as derivatives margin and earning rewards, Bybit clients can also buy and sell USDe for zero trading fees across traditional fiat-backed stable coins spot pairs USDe/USDT and USDe/USDC.

Learn more about the key features of the integration.

Leveraging Copper’s Infrastructure

Underpinned by multi-award-winning technology, Copper has built a comprehensive and secure suite of products and services required to safely custody and trade digital assets.

At the core of Copper’s infrastructure is ClearLoop, which enables clients to manage collateral and settle trades across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency.

Ethena uses a combination of Copper Custody and ClearLoop within its backing infrastructure, and Bybit is a ClearLoop partner exchange. The integration allows institutional clients to deploy capital and trade immediately on the exchange while keeping their assets in independent custody. This setup mitigates counterparty risk, safeguards assets through secure MPC custody, and improves capital efficiency ensuring that assets are secure and readily available for trading.

As the crypto market continues to evolve, collaborations like these will be crucial in driving adoption and trust in digital assets.