TLDR
- USDe is now live on Hyperliquid for spot and DeFi use.
- Users holding 100+ USDe on HyperCore earn daily rewards.
- USDe supports cross-chain transfers via Stargate.
- Borrow USDe using BTC, ETH, or SOL on major DeFi platforms.
- sUSDe offers high-yield farming and collateral utility.
Ethena Labs has announced the official launch of its USDe stablecoin on the Hyperliquid exchange and HyperEVM network. This expansion integrates USDe as a yield-bearing digital dollar within the Hyperliquid ecosystem, supporting spot trading and decentralized finance (DeFi) functionalities.
USDe is now live on both @HyperliquidX exchange & HyperEVM 🫳🏻
HyperCore users will earn daily rewards auto airdropped on top of their USDe spot exchange balances
USDe fills the opportunity for a scalable rewarding dollar asset within the Hyperliquid exchange & ecosystem
HYENA… pic.twitter.com/rbffoZh9ZJ
— Ethena Labs (@ethena_labs) May 5, 2025
Users on HyperCore who maintain a minimum balance of 100 USDe will receive daily rewards based on their rolling 24-hour average holdings. These incentives are distributed automatically via Merkl, a decentralized reward distribution platform. This reward structure aims to encourage liquidity and longer-term engagement on Hyperliquid.
USDe can be acquired directly through the HyperCore orderbook. Additionally, users can move USDe between HyperCore and HyperEVM using the “EVM <> Core Transfer” option available on Hyperliquid’s portfolio page. This feature enables seamless transfers for addresses linked to both environments, with initial liquidity focused on HyperCore.
Cross-Chain Transfers and Capital Efficiency
Hyperliquid users can bridge USDe to HyperEVM using Stargate Finance, a cross-chain solution powered by LayerZero. This integration allows users to leverage the stablecoin across multiple networks while maintaining asset fungibility. Ethena Labs confirmed that USDe is fully interchangeable between HyperCore and HyperEVM, supporting cross-chain use cases from launch.
To improve capital efficiency, Hyperliquid has partnered with the Hyperunit team. Users can borrow USDe against Unit BTC, ETH, and SOL on lending platforms including Euler Finance, Felix Protocol, Hyperdrive DeFi, and HyperBeat. This functionality supports on-chain borrowing for users holding Unit assets across the HyperEVM network.
Expanded Use Cases Through DeFi Integrations
Beyond borrowing, users can participate in yield strategies by pairing USDe or its staked version, sUSDe, against feUSD on Curve Finance. This enables access to Felix points, sUSDe APY, and boosted Ethena rewards with up to 30x multipliers. These opportunities enhance reward generation for stablecoin liquidity providers.
The sUSDe token will also be accepted as collateral within Felix Vanilla markets, expanding its utility across HyperEVM-native applications. Ethena Labs has indicated plans for future integrations, including fixed-rate opportunities via Pendle and advanced automated market-making features through Valantis Labs.
Hyperliquid has positioned USDe as a key asset in its evolving DeFi infrastructure. Additional features, including upcoming incentives through Pvp.trade, are developing to strengthen user participation further.
The launch of USDe marks a strategic step in expanding Hyperliquid’s role in the decentralized derivatives and liquidity space. USDe aims to provide scalable infrastructure for DeFi participants across centralized and decentralized environments by combining cross-chain access, real-time incentives, and lending utility.
