Ethena’s USDe Stablecoin Goes Live on Hyperliquid and HyperEVM

USDe, the scalable, yield-bearing stablecoin from Ethena Labs, has officially launched on Hyperliquid’s decentralized exchange and HyperEVM blockchain, opening the door to daily rewards and seamless cross-chain DeFi integrations.

Daily Rewards for Hypercore Users

Users holding 100 USDe or more on Hypercore will now earn automatic daily rewards, distributed via Merkl, based on 24-hour average balances. This reward system strengthens USDe’s utility as a core yield asset within the Hyperliquid ecosystem.

Cross-Chain Accessibility and Transfers

USDe can be purchased on Hypercore’s orderbook or bridged to HyperEVM using Stargate Finance (LayerZero). A built-in “EVM <> Core Transfer” feature allows easy movement of USDe between the two networks, with full fungibility across both layers, though initial liquidity is focused on Hypercore.

Expanding DeFi Use Cases

USDe’s integration extends into key DeFi protocols. Partnerships with Hyperunit, Euler Finance, and Felix Protocol allow users to borrow against assets like BTC, ETH, and SOL. Meanwhile, users can stake sUSDe or USDe alongside feUSD on Curve Finance, earning up to 30x Ethena incentives.

Roadmap for Broader Integration

Future enhancements include:

Cross-chain bridging via LayerZero

Fixed-rate yield opportunities through Pendle

Advanced AMM functionality via Valantis Labs

Additional reward incentives through Pvp.trade

A Core Asset for Hyperliquid’s Ecosystem

USDe is poised to become a foundational asset within Hyperliquid’s DeFi and derivatives markets, blending real yield with interoperability. This launch marks just the beginning, with developers hinting at further integrations to unlock even greater capital efficiency and ecosystem growth.