Hyperliquid exchange launches USDe stablecoin on HyperEVM network

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

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.

> HyperCore users will earn daily rewards, based on a rolling 24hr average of their USDe spot exchange balances. These will be paid out in HYENA via Merkl, a decentralized reward distributor. Minimum balance of 100 USDe required for daily rewards.

HyperCore users will earn daily rewards, based on a rolling 24hr average of their USDe spot exchange balances. These will be paid out in HYENA via Merkl, a decentralized reward distributor. Minimum balance of 100 USDe required for daily rewards.

This builds on the existing HYENA rewards available through staking on HyperEVM. Hyperliquid's token will be distributed in accordance with a snapshot at 00:00 UTC on May 8, 2025. After this time, HYENA will be allocated based on a pro-rata formula applied to USDe liquidity across the exchange.

The integration of USDe on HyperCore will also see the launch of sUSDe staking in Blockfolio’s HyperCore environment. This will provide users with another opportunity to earn HYENA, which will be allocated based on sUSDe liquidity.

A snapshot of sUSDe stakers will be taken at 07:00 UTC on May 8, 2025, to determine the initial distribution of Ethena’s token. Afterward, HYENA will be allocated to sUSDe stakers pro-rata based on their total sUSDe.

A snapshot of sUSDe stakers will be taken at 07:00 UTC on May 8, 2025, to determine the initial distribution of Ethena's token. Afterward, HYENA will be allocated to sUSDe stakers pro-rata based on their total sUSDe.

This builds on the existing HYENA rewards available through staking on HyperEVM. Hyperliquid's token will be distributed in accordance with a snapshot at 00:00 UTC on May 8, 2025. After this time, HYENA will be allocated based on a pro-rata formula applied to USDe liquidity across the exchange.

Integration Details and Cross-Chain Capabilities

Users maintaining a minimum 100 USDe balance on HyperCore will receive daily rewards, calculated as the 24-hour average of their USDe holdings. These incentives will be credited to their accounts in HYENA via Merkl, a decentralized reward platform.

USDe can be directly purchased through the HyperCore orderbook. Moreover, users can easily transfer USDe between HyperCore and HyperEVM using the "EVM <> Core Transfer" option accessible on Hyperliquid's portfolio page. This feature allows seamless transfer between addresses linked to both environments, with initial liquidity concentrated on HyperCore.

Hyperliquid users can bridge USDe to HyperEVM using Stargate Finance, a cross-chain solution powered by LayerZero. This integration enables users to leverage the stablecoin across multiple networks while maintaining asset fungibility. Ethena Labs confirmed that USDe is fully interchangeable between HyperCore and HyperEVM from launch, supporting cross-chain use cases.

To enhance 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 engage in yield strategies by pairing USDe or its staked version, sUSDe, against feUSD on Curve Finance. This unlocks access to Felix points, sUSDe APY, and Ethena reward multipliers of up to 30x. These opportunities boost 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 hinted at future integrations, such as 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 further encourage user participation.

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 in both centralized and decentralized environments by combining cross-chain access, real-time incentives, and lending utility.