Ethena Labs Bets Big on Based to Supercharge USDe Stablecoin Integration with Hyperliquid

Ethena Labs just placed a strategic bet—pouring capital into Based to accelerate USDe stablecoin adoption across Hyperliquid's ecosystem.

The Partnership Play

This move turbocharges Hyperliquid’s infrastructure with native USDe integration—streamlining swaps, leverage, and yield strategies without traditional banking drag.

Why It Clicks

Hyperliquid’s perpetuals platform meets Ethena’s synthetic dollar engine. Traders get deeper liquidity, faster settlements, and a decentralized alternative to slow-moving fiat rails.

Poking the Bear

Because sometimes, the 'stable' in stablecoin feels more like a suggestion than a promise—especially when traditional finance still can’t tell a blockchain from a food chain.

Ethena’s USDe stablecoin gains traction

This announcement comes amid growing momentum for Ethena’s USDe stablecoin, which continues to see increasing adoption across a range of platforms and ecosystems. Recently, FalconX, a U.S.-based digital asset prime brokerage, integrated USDe into its offerings, enabling institutional clients to trade, custody, and use the stablecoin as collateral.

Alongside FalconX and Hyperliquid, USDe has recently been launched on the Telegram Open Network, making it accessible through Telegram’s built-in wallet as well as third-party TON wallets.

USDe market cap currently stands at $12.8 billion, making it the third-largest stablecoin by market capitalization behind USDT and USDC.