Safe and Ethena Partner to Boost USDe on Multisig Wallets

Safe Foundation and Ethena Labs have announced a partnership to accelerate institutional adoption of USDe. The collaboration aims to improve the user experience of Ethena's stablecoin within Safe Smart Accounts and multisig ecosystems. This partnership signals Safe's broader initiative to move the stablecoin economy toward self-custodial platforms.

The agreement delivers immediate benefits to users holding USDe within the Safe ecosystem. These include a 10x boost in Ethena Sats Points and gas-free Ethereum mainnet transactions. These features are expected to attract more institutional and DAO users to the Safe and Ethena platforms.

The current data indicates strong adoption of Ethena's products in the Safe ecosystem. As of January 2026, 85% of Ethena assets in Safe accounts are held in sUSDe, the staked version of USDe. This suggests that Safe users, including DAOs and institutional entities, are integrating Ethena into their treasury strategies.

Why the Move Happened

Safe's mission is to provide secure, self-custodial solutions for digital assets. The partnership with Ethena aligns with this goal by enhancing the usability and security of stablecoin interactions. Ethena's USDe has gained traction as the third-largest tokenized dollar, making it a natural fit for Safe's institutional-focused strategy.

The move is also driven by the need to support diverse stablecoin types on secure platforms. Safe has processed over $4 billion in monthly transfers and manages over $60 billion in digital assets. This infrastructure supports a variety of stablecoins, including USDe and sUSDe.

How Markets Responded

The partnership has been positively received in the DeFi community. Analysts note that the 10x Sats Points boost and gas-free transactions could incentivize more users to stake and manage their assets in Safe accounts. This, in turn, could drive higher adoption of Ethena's products in the institutional and DAO sectors.

The market has also highlighted the importance of self-custody in DeFi. Safe's reputation for security and transparency has made it a preferred platform for managing digital assets, including stablecoins. Ethena's integration with Safe reinforces the growing trend of institutional users seeking secure, self-custodial solutions.

What Analysts Are Watching

Analysts are closely monitoring how this partnership impacts Ethena's supply and usage in the DeFi space. The fact that 85% of Ethena assets in Safe accounts are staked in sUSDe indicates strong institutional interest. This trend may signal a shift in how DeFi protocols approach stablecoin integration.

Another area of focus is the broader adoption of self-custodial platforms in the DeFi ecosystem. Safe's strategic moves suggest a long-term vision to position itself as the leading platform for secure asset management. This could influence how other protocols approach stablecoin and asset custody.

The market is also watching for regulatory developments related to stablecoin usage and rewards. A recent Senate draft of the CLARITY Act has introduced rules that could impact how stablecoin rewards are structured and offered. This could affect how Ethena and other protocols offer incentives to users.