Strategic Investment in Based to Drive USDe Adoption
Based, the largest builder codes platform generating nearly 7% of Hyperliquid’s perps volume, has announced a strategic investment from Ethena Labs. This investment is intended to accelerate the adoption of Ethena’s USDe stablecoin within the Hyperliquid ecosystem.
Accelerating USDe Adoption
According to Based, the funds from Ethena will play a crucial role in driving the adoption of USDe. “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. This partnership is expected to position Based as a key partner for the adoption of not only USDe stablecoin but also USDtb and other unreleased Ethena products on Hyperliquid.
Growing Momentum for USDe
This announcement comes amid growing momentum for Ethena’s USDe stablecoin, which continues to see increasing adoption across a range of platforms and ecosystems. The stablecoin has recently been integrated into FalconX, a U.S.-based digital asset prime brokerage, enabling institutional clients to trade, custody, and use the stablecoin as collateral.
Expanding USDe Reach
In addition to 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. This expansion is expected to further increase the adoption of USDe, solidifying its position as a leading stablecoin.
USDe Market Capitalization
USDe’s market cap currently stands at $12.8 billion, making it the third-largest stablecoin by market capitalization behind USDT and USDC. This significant market capitalization is a testament to the growing trust and adoption of USDe across various platforms and ecosystems.
Partnership and Future Developments
The partnership between Based and Ethena Labs is expected to drive further innovation and adoption of USDe. With Based’s significant presence in the Hyperliquid ecosystem and Ethena’s commitment to developing robust stablecoin solutions, this collaboration is poised to have a lasting impact on the cryptocurrency landscape. For the latest updates on this development and other cryptocurrency news, visit bitpulse.