Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a groundbreaking enhancement to its On-Chain Earn product. Since recently, users can now seamlessly mint and redeem USDe directly through Bybit On-Chain Earn. This update makes Bybit the first exchange to offer a USDe minting solution without whitelist restrictions, significantly improving liquidity and accessibility for USDe within its ecosystem.
“By enabling direct USDe minting and redemption through Bybit On-Chain Earn, we’re revolutionizing stablecoin accessibility and liquidity. Users can now seamlessly convert between USDe, USDT, and USDe without the traditional barriers, making it easier than ever to earn high yields effortlessly. This move underscores Bybit’s commitment to innovation and providing users with cutting-edge financial solutions in the crypto space,” said Jerry Li, Head of Earn & Wealth Management at Bybit.
Unlocking the Potential of USDe
USDe, developed by Ethena, is a synthetic dollar backed by crypto assets and hedged through short futures positions. It provides a stable alternative with yield potential in the digital asset market, appealing to users seeking secure yet lucrative financial instruments.
Previously, Bybit users could only acquire USDe through spot trading, Convert, or external minting via Ethena – the latter being restricted to whitelisted users. Bybit’s new On-Chain Earn functionality eliminates these barriers, providing an open-access USDe minting and redemption solution for all users.
USDe Minting and Redemption: A Seamless Experience
With this latest feature, Bybit On-Chain Earn users can now:
- Mint USDe: Deposit USDT or USDC into Bybit On-Chain Earn and receive USDe instantly.
- Redeem USDe: Convert USDe back into USDT or USDC in a single transaction.
Why Bybit’s USDe Minting and Redemption Matters
Bybit On-Chain Earn offers a superior user experience compared to traditional minting methods, with several key advantages:
- No Whitelist Requirements — Unlike Ethena, which restricts USDe minting to approved users, Bybit’s solution is accessible to everyone.
- Instant Transactions — The minting and redemption processes are completed in a single transaction, ensuring swift asset conversion.
- Enhanced Liquidity — Users no longer need to rely on market makers or face price volatility, as Bybit’s direct On-Chain minting ensures seamless asset flow.
- Effortless Yield Generation — Simply holding USDe in a Bybit Funding Account enables users to earn dynamic, high annual percentage rates (APR) automatically, with no staking required.
Bybit’s introduction of unrestricted USDe minting and redemption represents a major milestone for the stablecoin ecosystem. By removing entry barriers and enhancing liquidity, the exchange continues to solidify its position as a leader in the digital asset industry, offering innovative solutions that empower users worldwid
