Ethena Launches USDe Integrations on Hyperliquid

Synthetic dollar protocol Ethena continues to expand into new DeFi ecosystems, with the protocol’s USDe token now available on Hyperliquid and its Ethereum Virtual Machine (EVM).

The integration allows Hyperliquid traders and DeFi users to earn rewards, borrow, and trade using USDe.

According to the announcement, USDe liquidity will exist “primarily” on HyperCore at launch, which is Hyperliquid’s perpetual decentralized exchange (DEX). The activation also allows HyperEVM users to borrow USDe against assets supplied on DeFi protocols such as Euler and Felix Protocol, and unlocks stable pair farming opportunities on eligible protocols.

Ethena is the fourth-largest stablecoin issuer in DeFi with a $6.1 billion outstanding supply, according to TokenTerminal, only trailing Tether, Circle, and Sky/Maker.

The activation comes after Ethena launched USDe and ecosystem support on Telegram’s TON Network just last week. Despite these significant expansions, Ethena’s ENA token is down 20% over the last seven days, while BTC is down just 0.8% in the same period.

Hyperliquid’s HYPE token, on the other hand, has been outperforming the broader market and is up 12.5% over the past week, and the HyperEVM’s total value locked (TVL) is at an all-time high of $840 million, a 143% increase over the last month.