Add USDe as HONEY collateral

Proposals
1

Summary

This proposal seeks to whitelist USDe as a supported collateral asset in the $HONEY minting system on Berachain. USDe is Ethena’s flagship digital dollar, with ~$12.5bn in total circulating supply.

Currently, HONEY is backed by three assets: USDC, pyUSD (BYUSD), and USDT0. Adding USDe would expand the collateral base for minting HONEY into another major stablecoin, offering users an expanded asset universe and creating more potential surface area for HONEY.

Ethena enables the creation and redemption of a delta-neutral synthetic dollar, USDe, crypto’s first fully-backed, onchain, scalable, and censorship-resistant form of money.

The mechanism backing USDe enables sUSDe, the first “Internet Money” offering a crypto-native, reward-accruing asset, derived from rewards on liquid stablecoins (to the extent utilized in backing) and the funding and basis spread available in perpetual and futures markets.

Motivation

There are only three digital dollars with at least $10 billion in supply today: Tether’s USDT, Circle’s USDC, and Ethena’s USDe.

Ethena has a proven track record of simultaneous technical and go-to-market execution with both USDe and USDtb: we have scaled two digital dollars from zero to multi-billion supply faster than any other developer, while maintaining continuous uptime, transparent proof-of-reserves, and rigorous security controls. Ethena also has one of the widest user bases in DeFi, with global geographic distribution and a mix of retail, power users, and institutions interfacing with Ethena products.

  1. Adding USDe to HONEY’s collateral base would add another liquid, accessible, and DeFi-native collateral asset.

  2. USDe has been one of the fastest growing stablecoins over the entirety of 2025. Support for USDe in HONEY would allow Berachain’s core products to participate in this momentum, creating more opportunities for HONEY within ecosystem applications.

  3. Whitelisting USDe is an important first step for unlocking other opportunities in the broader Ethena ecosystem, including USDtb.

Specification

Collateral Token: USDe

Address: https://berascan.com/token/0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34

Parameters: TBD, up to Governance

Conclusion

USDe is the third largest stablecoin globally. As HONEY’s collateral base continues to expand, it’s a logical next addition, creating new opportunities within DeFi and for users to participate in Berachain’s ecosystem.

Voting

FOR: Add USDe as collateral for minting $HONEY

AGAINST: Do not change current collateral configuration

1 Like
2

would USDe backing HONEY be staked as sUSDe to earn yield?

If not, why not?

If so, where does the yield go?

4 Likes
3

i think that would mean redemption woudnt be instant,which idk if they want that.

would be cool if the yield was like used to just incentivize the honey pools like a positive feedback loop

1 Like
4

they dont need to stake it , what we need is actually rev share agreement for putting their hedge fund risks into honey backing

2 Likes
5

USDe within HONEY would be treated on a similar basis as USDe held in exchanges, with promotional rewards passed through to the Berachain Foundation, which the Foundation can use as it pleases.

1 Like
6

Confirming Nick’s comments here.

While direct yield passback becomes more potentially complex from a legal POV, the goal here is to use yield from underlying deposits to fuel related / relevant ecosystem services on the chain (to the tune of oracle price feeds, RPC services etc), and at scale, to recycle it into further PoL incentives for HONEY pools, BEND deposits, etc.

1 Like
7

the cut that the foundation takes should probably be explicitly included in the proposal (or another proposal)

bgt holders voting makes little sense if yield is then directed at the foundation’s discretion, including covering their own infrastructure expenditure

2 Likes
8

bgt holders cant vote yet anyway

1 Like
9

A thoughtful proposal. How are “funding and basis spreads” incorporated into USDe’s backing mechanism though?

1 Like