In a post on X, one analyst now claims traditional fiat-backed stablecoins like USDT and USDC should prepare for a “major” attack due to the increasing popularity of Ethena’s USDe. The warning follows Ethena and USDe’s integration with Bybit, a crypto exchange allowing perpetual trading.
Ethena Partners With ByBit
USDe is not fiat-backed like other popular stablecoins. Instead, it is a “synthetic dollar” backed by diverse assets, mainly staked ETH derivatives and short positions posted on centralized exchanges like Binance.
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Announcing the partnership, Ethena, the issuer of USDe, took to X to celebrate the deal and its potential to transform the crypto trading scene. The platform said traders could earn a yield on USDe, which can be used as collateral for futures trading.
Additionally, Ethena noted that users can use their stablecoin in spot trading pairs l
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