NASDAQ:(GNLN) Flags a New Liquidity Catalyst for Berachain: USDe Approved as HONEY Collateral
Greenlane Flags a New Liquidity Catalyst for Berachain: USDe Approved as HONEY Collateral
Greenlane Holdings (Nasdaq: GNLN) issued an update centered on Berachain’s stablecoin stack: Ethena’s
USDe has been approved as collateral for minting HONEY, Berachain’s native stablecoin.
In plain terms, Berachain is widening the set of “dollar-like” assets that can back HONEY—alongside USDT0,
USDC, and PayPal USD (pyUSD)—with the goal of deepening liquidity and improving capital efficiency
across applications built on the network.
What Greenlane is emphasizing
- USDe is now an approved collateral asset for HONEY, expanding the stablecoin collateral set beyond USDT0, USDC, and pyUSD.
- HONEY is designed as a multi-collateral stablecoin—a unified pool of tokenized dollars intended to support DeFi activity and user experience across the network.
- Greenlane frames this as part of a broader effort to strengthen protocol-level liquidity and on-chain participation within the Berachain ecosystem.
Why this matters: liquidity is the bloodstream of on-chain ecosystems
For any emerging chain, the strategic question is not “Do we have apps?” but “Do we have reliable, scalable dollar liquidity?”
Stablecoins act as the settlement layer for trading, lending, payments, and collateralized credit. By expanding HONEY’s collateral set to include
USDe, Berachain is effectively adding another on-ramp for capital that already exists elsewhere in crypto markets—potentially lowering friction for
users and builders who prefer (or already hold) USDe.
Greenlane also points to Ethena’s reported scale—USDe supply exceeding $6 billion—while noting that Berachain’s usage is still a small slice
and future growth depends on adoption, governance decisions, and technical rollout.
The bigger trend: “treasury companies” are becoming a category
Investors increasingly group certain public equities into a “digital asset treasury” bucket—companies whose market narratives are meaningfully shaped by
their treasury strategy and exposure to specific digital assets.
-
MicroStrategy / Strategy (Nasdaq: MSTR) is widely viewed as the flagship “Bitcoin treasury” equity—an operating company whose capital strategy
and identity have been closely tied to BTC accumulation and treasury management. -
BitMine Immersion Technologies (NYSE American: BMNR) has been described as focusing on acquiring, holding, and actively managing ETH
as a primary treasury reserve asset.
Greenlane’s positioning is a variation on this theme: the company has communicated a Berachain-focused treasury approach (centered on BERA),
and this USDe/HONEY development is presented as an ecosystem-level building block that could, over time, improve liquidity conditions around Berachain-native activity.
What to watch next (the “real” indicators)
- HONEY collateral composition & growth: whether USDe meaningfully enters the mix (and stays there) via governance and market pull.
- Liquidity depth and usage: tighter spreads, higher stablecoin TVL, more borrowing/lending and trading volume denominated in HONEY.
- Application adoption: integrations where HONEY becomes the default settlement asset for Berachain-native apps.
Bottom line
Greenlane’s update is best read as a constructive datapoint I
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