Safe Foundation and Ethena Labs announced a partnership aimed at expanding institutional use of USDe, Ethena’s tokenized dollar, within Safe Smart Accounts and the multisig environment. The agreement, presented in Zug, Switzerland, links two infrastructures already used by DAOs, protocols, and onchain entities with strict custody and treasury controls.
The collaboration introduces immediate benefits for users holding USDe in Safe accounts. First, Safe accounts that hold USDe receive a 10x multiplier on Ethena Sats points during the current Ethena rewards program, increasing incentives for early adopters and treasury managers. Second, the partnership delivers a direct user-experience improvement: Safe sponsors Ethereum mainnet gas fees for all transactions executed by USDe holders, removing transaction costs when interacting with the asset through Safe Smart Accounts.
Safe operates self-custody infrastructure that secures more than $60 billion in digital assets and processes roughly $4 billion in monthly transfers. On Ethereum mainnet alone, Safe Smart Accounts currently secure over $6 billion in stablecoin assets, positioning the platform as a central hub for institutional onchain activity.
Usage data reinforces the institutional angle of the agreement. As of January 2026, 85% of all Ethena capital held within Safe accounts is allocated to sUSDe, the staked version of USDe. The figure indicates that Safe users—primarily DAOs, protocols, and institutional entities—actively deploy Ethena products as part of treasury management rather than holding assets passively.
Source: Safe Foundation and Ethena Labs official statements
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