Ethena launches USDe stablecoin with rewards on Hyperliquid

Ethena Labs has introduced its USDe stablecoin on the Hyperliquid (CRYPTO:HYPE) decentralised exchange and the HyperEVM blockchain, enabling new yield opportunities and cross-chain DeFi integrations.

Users holding at least 100 USDE (CRYPTO:USDE) tokens on Hypercore will receive daily rewards automatically distributed based on their average 24-hour balances.

The rewards are delivered through Merkl, an incentive distribution platform integrated with Hyperliquid.

USDe is designed as a dollar-pegged stablecoin that supports spot trading and decentralised finance activities across multiple chains.

Users can acquire USDe directly via Hypercore’s order book or bridge tokens to HyperEVM using Stargate Finance powered by Layerzero technology.

Transfers between Hypercore and HyperEVM are facilitated by the “EVM <> Core Transfer” feature on Hyperliquid’s platform, allowing seamless movement of USDe tokens.

While initial liquidity is focused on Hypercore, Ethena Labs plans to expand USDe’s use through partnerships such as Hyperunit, which will enable borrowing against assets like Unit BTC, ETH, and SOL on platforms including Euler Finance and Felix Protocol.

Additionally, USDe and its staked version, sUSDe, can be paired with feUSD on Curve Finance to earn rewards, including up to 30 times multipliers on Ethena incentives.

Future developments include cross-chain bridging enhancements, fixed-rate products through Pendle, and advanced automated market makers developed with Valantis Labs.

Hyperliquid also intends to offer earning incentives on its Pvp.trade platform.

Ethena Labs stated that these initial steps aim to position USDe as a foundational asset within the Hyperliquid ecosystem by combining yield generation with interoperability.

The integration of spot trading rewards and cross-chain DeFi functions is expected to improve capital efficiency for users and support Hyperliquid’s role in decentralised derivatives and liquidity markets.

At the time of reporting, the Ethena price was $0.2675.