> For the complete documentation index, see [llms.txt](https://docs.hyena.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hyena.trade/usde-on-hyena.md).

# 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.\
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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.\
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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.\
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Learn more about USDe [here](https://docs.ethena.fi/how-usde-works).

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#### **Transferring USDe to HyENA**

USDe on ETH: [0x4c9EDD5852cd905f086C759E8383e09bff1E68B3](https://etherscan.io/token/0x4c9edd5852cd905f086c759e8383e09bff1e68b3)

USDe on HyperCore: [0x2e6d84f2d7ca82e6581e03523e4389f7](https://app.hyperliquid.xyz/explorer/token/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

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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.&#x20;