USDe on HyENA

About USDe

Ethena's synthetic dollar (USDe) provides the crypto-native, scalable solution for money achieved by delta-hedging Bitcoin, Ethereum and other governance-approved spot assets using perpetual and deliverable futures contracts, as well as holding liquid stables such as USDC and USDT. One of HyENA's core innovations lies in how it uses USDe — Ethena’s synthetic dollar — as collateral for trading on HIP-3 builder-deployed perpetuals. USDe perpetuals are linear derivatives that use USDe for margin and settlement. The oracle prices are quoted in USD, with no conversion between USDe and USD applied. As a result, the contracts provide USD-based exposure. Learn more about USDe here.

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Transferring USDe to HyENA

USDe on ETH: 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3

USDe on HyperCore: 0x2e6d84f2d7ca82e6581e03523e4389f7

Users may deposit to HyENA via HyENA's front-end. HyENA accepts deposits via crypto (across major tokens and networks), exchanges, and card. The front-end will display estimated price impact, slippage, and processing time.

Alternatively, users may manually transfer USDe to HyENA:

1. From Ethereum Mainnet

• Use Stargate to transfer to Hyperliquid directly

• Note that the destination should be Hyperliquid and not HyperEVM

• Note that Hypercore accounts need to be activated in advance, which can be done by transferring at least 1 USDC or USDT0 to the account

• Transfer USDe from Hyperliquid spot to HyENA

2. From HyperCore USDC

• The most cost-efficient route will likely be to bridge USDC back to mainnet, to mint/swap into USDe, and bridge back into Stargate

• For smaller sizes, USDe/USDC on HyperCore spot will be available. USDe liquidity also exists on HyperEVM

Users are required to onboard with Ethena to mint & redeem USDe. Minting & redemption of USDe is only available on Ethereum. Ethena operates an on-demand 24/7/365 minting & redemption facility with atomic settlement and manual intervention required.