Ethena Labs bets on Based to scale USDe adoption
Based, the largest builder codes platform on Hyperliquid, has announced a strategic investment from Ethena Labs aimed at accelerating the adoption of Ethena’s USDe stablecoin across the ecosystem.
Based currently contributes nearly 7% of Hyperliquid’s 24-hour perpetual futures volume, giving it a strong position to promote USDe integration, reports Crypto News.
In a statement on X, the team said it intends to act as a conduit for expanding USDe usage within Hyperliquid’s fast-growing network. Ethena confirmed that the partnership also extends to support for USDtb and future Ethena products, positioning Based as a long-term partner in scaling stablecoin adoption.
USDe expands across major platforms
The investment comes as Ethena’s USDe stablecoin continues to gain momentum. With a market capitalization of $12.8 billion, USDe is now the third-largest stablecoin, trailing only Tether’s USDT and Circle’s USDC. Beyond Hyperliquid, Ethena has secured integrations with FalconX, a U.S.-based prime brokerage, allowing institutional clients to trade, custody, and use USDe as collateral. The stablecoin has also launched on the Telegram Open Network (TON), making it available through Telegram’s native wallet and third-party TON wallets, significantly broadening retail access.
Strategic role in Hyperliquid ecosystem
By deepening ties with Based, Ethena is ensuring USDe plays a pivotal role in Hyperliquid’s liquidity and trading environment. The integration supports Hyperliquid’s ambitions to diversify its stablecoin base, especially as governance debates around USDH issuance gain traction. For Ethena, the partnership represents a push to entrench USDe across both institutional and retail channels, while reinforcing its position as a key competitor to entrenched stablecoins. With continued adoption across exchanges, DeFi protocols, and messaging-based wallets, USDe is quickly evolving into one of the most versatile stablecoins in circulation.
Recently we wrote that StablecoinX and TLGY Acquisition have raised an additional $530 million through a private investment in public equity (PIPE) deal, bringing their total commitments to $890 million.
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