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Based has received a strategic investment from Ethena Labs to drive wider adoption of Ethena’s $USDe stablecoin on Hyperliquid.
- Based contributes nearly 7% of Hyperliquid’s 24-hour perpetual futures volume and will use Ethena’s investment to scale the adoption of $USDe stablecoin on its platform.
- With a market capitalization of $12.8 billion, $USDe ranks as the third-largest stablecoin, trailing only $USDT and $USDC.
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.