The Safe Foundation aims to accelerate the adoption of one of the largest tokenized dollars, USDe.
On Tuesday, the foundation announced a strategic partnership with USDe issuer, Ethena Labs. As part of the collaboration, they plan to reduce USDe transaction fees on the Ethereum mainnet and increase the potential for earning points for USDe held in Safe wallets.
“This partnership reflects Safe’s broader strategy to move the stablecoin economy toward self-custody,” the company said.
According to them, the partnership cements both sides’ commitment to making the Safe non-custodial wallet ecosystem the main access point to Ethena products.
Safe has long been considered the go-to solution for on-chain crypto asset management, especially among crypto-native teams, DAOs and enterprise users. The platform grew out of Gnosis team R&D and offers time-tested security, a fully on-chain architecture, and the flexibility of smart contracts without custodial control.
Currently, Safe wallets hold about $6.6 billion in stablecoins. This amount includes approximately $65.1 million in sUSDe, the yield-bearing staking version of the synthetic stablecoin. According to Dune, this is nearly 85% of all Ethena assets held in Safe.
Now, Safe accounts holding USDe will receive a tenfold multiplier on already accumulated points under the current Ethena points program.
“This alliance will accelerate USDe’s integration into the deepest layers of the DeFi economy,” said Ethena Labs founder Guy Young.
How the USDe Model Works
USDe is a crypto-native synthetic dollar that mainly operates on the Ethereum network and maintains its peg to $1 without reserves in fiat banks. The asset’s stability is ensured by a delta-neutral strategy. The protocol opens long positions in crypto assets such as ETH and simultaneously hedges them with short positions in perpetual futures. This model earns from funding rates and basis differences.
Although Ethena Labs tries to avoid the term “stablecoin,” USDe is often compared to assets like USDT and USDC. The reason is that USDe demonstrates price stability over long periods. Recently, USDe gave up third place among tokenized dollars to USDS from Sky.
Ethena is also actively expanding its product line. The company is developing a white-glove stablecoin-as-a-service model. Recently, the Jupiter protocol, operating in the Solana ecosystem, took advantage of this offering.
