The USDe stablecoin, developed by Ethena Labs, has launched on Hyperliquid’s exchange and HyperEVM network, marking its expansion within the Hyperliquid ecosystem. Hypercore users holding at least 100 USDe will earn daily rewards automatically airdropped based on their 24-hour average balances, distributed via the incentive distribution platform Merkl.

The asset aims to serve as a scalable, yield-generating dollar alternative for spot trading and decentralized finance (DeFi) activities. USDe can be acquired directly through Hypercore’s orderbook or bridged to HyperEVM via Layerzero-powered Stargate Finance. Ethena Labs disclosed that users may also transfer USDe between Hypercore and HyperEVM using the “EVM <> Core Transfer” feature on Hyperliquid’s platform.

The stablecoin is fully fungible across both systems, though initial liquidity is concentrated on Hypercore. Ethena Labs further said partnerships with projects like Hyperunit will enable USDe holders to borrow against Unit BTC, ETH, and SOL assets on platforms including Euler Finance and Felix Protocol. Additionally, users can pair USDe or its staked variant, sUSDe, with feUSD on Curve Finance to earn rewards, including 30x multipliers on Ethena incentives.

Future integrations aim to broaden USDe’s utility, including cross-chain bridging via Layerzero, fixed-rate offerings through Pendle, and advanced AMMs with Valantis Labs. Hyperliquid also plans to introduce earn incentives on Pvp.trade.

The launch positions USDe as a cornerstone asset within Hyperliquid’s growing ecosystem, combining yield opportunities with interoperability. Developers emphasized that these features represent an initial phase, with further expansions expected as adoption increases.

By merging spot trading incentives with cross-chain DeFi applications, USDe seeks to enhance capital efficiency for users while solidifying Hyperliquid’s role in decentralized derivatives and liquidity markets.

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