Ethena Labs invests in Based to drive USDe stablecoin adoption on Hyperliquid

Based has received a strategic investment from Ethena Labs to drive wider adoption of Ethena’s USDe stablecoin on Hyperliquid.

Based, the largest builder codes platform generating nearly 7% of Hyperliquid’s perps volume, has just announced a strategic investment from Ethena Labs.

According to Based, the funds from Ethena are intended to accelerate the adoption of Ethena’s USDe stablecoin within the Hyperliquid ecosystem. “We think USDe can play a key role in the Hyperliquid ecosystem and want to be a conduit through which that can happen,” the team said in a post on X.

Ethena added that the partnership will position Based as a key partner for the adoption of not only USDe stablecoin, but also USDtb and other unreleased Ethena products on Hyperliquid.

Ethena’s USDe stablecoin gains traction

This announcement comes amid growing momentum for Ethena’s USDe stablecoin, which continues to see increasing adoption across a range of platforms and ecosystems. Recently, FalconX, a U.S.-based digital asset prime brokerage, integrated USDe into its offerings, enabling institutional clients to trade, custody, and use the stablecoin as collateral.

Alongside FalconX and Hyperliquid, USDe has recently been launched on the Telegram Open Network, making it accessible through Telegram’s built-in wallet as well as third-party TON wallets.

USDe market cap currently stands at $12.8 billion, making it the third-largest stablecoin by market capitalization behind USDT and USDC.