How to obtain USDe: A comprehensive guide

USDe is a synthetic dollar asset issued by Ethena (ENA) that mains peg to the US dollar without relying on traditional fiat reserves or overcollateralized crypto systems. Instead, it uses automated delta hedging via short perpetual futures to ensure price stability. This novel architecture makes USDe a capital-efficient alternative to traditional stablecoins like Tether (USDT) and USDC, as well as decentralized stablecoins like Dai (DAI).

While users who wish to directly mint & redeem USDe with Ethena must pass their KYC and whitelisting process; KYC’d Bybit users are able to mint & redeem USDe without leaving the exchange, a first for the space. This guide explains all the ways to obtain USDe and outlines the benefits of each approach.

Key Takeaways:

• USDe is a synthetic dollar asset issued by Ethena (ENA) that maintains a peg to the US dollar without relying on traditional fiat reserves or overcollateralized crypto systems.

• There are two ways you can obtain USDe — buying it on exchanges, or minting it via Bybit On-Chain Earn.

1. Mint USDe via Bybit On-Chain Earn

For users who want to mint new USDe directly, Bybit On-Chain Earn offers a secure, automated minting interface without the need for a DeFi wallet or whitelist access.

How minting USDe works

• You can stake USDT or USDC on the Bybit On-Chain Earn platform.

• The minting cycle occurs every 30 minutes.

• Behind the scenes, Bybit interacts with Ethena to mint the USDe.

• Within 30 minutes, the minted amount of USDe is credited to your Funding Account.

Advantages of Minting USDe:

• No slippage or liquidity constraints: Ideal for large transactions—no impact from slippage or liquidity caps typically seen on CEXs or DEXs.

• Stable and transparent rates: Enjoy predictable pricing with clearly stated, reliable conversion rates.

• Simplified process: Avoid the hassle of managing on-chain transactions yourself or going through the whitelisting process. Everything is handled for you.

How redemption works

• Submit a redemption request via the Bybit On-Chain Earn.

• For redemptions, Bybit processes orders every 30 minutes.

• Redeemed funds (USDT/USDC) are credited to your Funding Account within 30 minutes.

Minting & Redemption Fees

• A 0.07% service fee applies to each minting transaction, with occasionally increased fees for USDC mints if USDC is trading below USDT.
• Additionally, Ethena’s internal gas fee (variable) is deducted from the transaction.

2. Buy USDe on exchanges

The most straightforward way to obtain USDe is by purchasing it directly from supported cryptocurrency exchanges.

Where to buy USDe

Bybit is currently the leading platform for acquiring USDe. It offers the following major Spot trading pairs, enabling you to obtain USDE easily:

• BTC/USDE

• ETH/USDE

• SOL/USDE

• USDE/USDT

• USDE/USDC

Benefits of buying USDe on Bybit:

• Zero Spot trading fees: Take advantage of Bybit’s frequent promotions offering 0% trading fees on USDe pairs.

• Instant settlement: Receive USDe immediately — no delays or waiting periods.

• Flexible trading options: Even without USDT/USDC, you can acquire USDe using BTC or via margin trading, expanding your flexibility and capital efficiency.

Closing thoughts

USDe introduces a new paradigm in the stablecoin space — a synthetic dollar that’s capital-efficient and rewarding when held on Bybit. With its peg maintained through real market mechanisms, rather than custodial reserves, USDe represents a robust alternative to traditional stable assets.

Platforms such as Bybit have made it easier than ever to obtain and benefit from USDe, whether through Spot trading, direct minting or daily redemption.

For users looking to diversify their stablecoin holdings or explore more resilient financial primitives, your USDe is now just a few clicks away.

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