Quick breakdown
- Based receives strategic funding from Ethena Labs to drive USDe adoption on Hyperliquid.
- Ethena will also roll out USDtb and other products through the partnership.
- USDe’s market cap has surged to $12.8B, with integrations on FalconX and TON fueling growth.
Based Partners with Ethena Labs
Based, the leading builder codes platform contributing nearly 7% of perpetual trading volume on Hyperliquid, has secured a strategic investment from Ethena Labs. The collaboration aims to accelerate the use of Ethena’s USDe stablecoin within the Hyperliquid ecosystem.
In a statement on X, the Based team highlighted the role USDe could play in deepening liquidity and adoption across Hyperliquid
“We think USDe can play a key role in the Hyperliquid ecosystem, and want to be a conduit through which that can happen.”
1/ Based x @ethena_labs
We’re happy to announce a strategic investment from Ethena.
This marks the first step in our partnership to accelerate USDe adoption across the Hyperliquid ecosystem.
We think USDe can play a key role in the Hyperliquid ecosystem, and want to be a… pic.twitter.com/Iwx2q94w7Y
— Based (@BasedOneX) September 8, 2025
Expanding Ethena’s Product Suite on Hyperliquid
Ethena Labs confirmed that the partnership will not only strengthen USDe’s presence but will also pave the way for the adoption of USDtb and other upcoming Ethena products within Hyperliquid. By aligning with Based, Ethena is positioning its stablecoin suite to play a pivotal role in the decentralized trading network.
USDe Momentum Extends Beyond Hyperliquid
The deal comes as Ethena’s USDe continues to gain traction across the crypto market. Recently, U.S.-based prime brokerage FalconX integrated USDe, giving institutional clients access to trade, custody, and use of the stablecoin as collateral. The move positions USDe alongside Tether (USDT) and USD Coin (USDC) in the stablecoin market, where it already ranks third with a circulating supply of $12.5 billion.
Additionally, USDe has expanded into the Telegram Open Network (TON), becoming available through Telegram’s native wallet and third-party TON wallets. This broad accessibility has fueled rapid adoption, reinforcing USDe’s position as the third-largest stablecoin by market capitalization at $12.8 billion, trailing only USDT and USDC.
Meanwhile, OSL Wealth, a division of OSL Group, introduced a new yield-generating stablecoin product tailored for institutional and professional clients. This offering utilizes Ethena Labs’ Staked USDe (sUSDe), providing dollar-pegged stability combined with attractive on-chain yields and daily liquidity. Clients can access the product through OSL’s OTC desk, trading with USD or USDT.
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