Bybit has become the first cryptocurrency exchange to list USDtb, a stablecoin developed by Ethena Labs and backed by BlackRock's blockchain-based money market fund (MMF) BUIDL. This listing aims to enhance stability and capital efficiency in crypto trading. Starting March 6, 2025, Bybit users can utilize USDtb as collateral for margin trading and earn a 5% annual percentage rate (APR) on holdings, credited daily without the need for staking or lockups. Additionally, Bybit has waived trading fees for the USDtb/USDT pair to boost liquidity. Ethena Labs ensures transparency by storing USDtb's collateral on a public blockchain, allowing real-time verification.