Binance, the world’s largest crypto exchange, has officially listed Ethena’s USDe for spot trading, opening trading pairs with both USDC and USDT on September 9, 2025.
The high-profile listing comes as USDe cements its status as one of the market’s most rapidly growing stablecoins, backed by institutional momentum and competitive yield opportunities for holders.
USDe’s addition to Binance marks a major milestone for the protocol. With a market cap nearing $13 billion and a 31% supply growth in recent months, USDe has quickly become the third largest stablecoin globally.
The token is designed to deliver yield via delta-neutral strategies, currently offering holders a 6.5% annualized rate—above traditional DeFi and money market yields.
Institutional interest has surged as StablecoinX, among other investors, committed $530 million to accumulate ENA tokens and support Ethena’s ecosystem. This influx, part of a broader digital asset treasury trend, is celebrated by the protocol’s leadership as a signal of confidence in its innovative stablecoin architecture.
Eligible Binance users holding at least 0.01 USDe will be entitled to yield rewards by the end of September, boosting user incentives and expanding yield farming opportunities for DeFi participants.
USDe’s meteoric supply increase to $10 billion in under 10 months sets an industry record, outpacing both USDT and USDC’s early growth rates. According to CoinMarketCap, USDe’s price remains steady at $1.00, with robust 24-hour trading volumes above $459 million and a 90-day appreciation of 1.66%.
The launch occurs as larger market forces drive scrutiny on stablecoin regulation and DeFi infrastructure. Ethena’s delta-neutral, derivative-backed structure and rapid ecosystem expansion are seen as technologically advanced approaches to stability—and may draw regulatory attention as stablecoin frameworks mature worldwide.
Market participants are closely watching the effects of USDe’s Binance debut on the wider ecosystem, particularly on ETH and BTC, which anchor most of Ethena’s collateral strategy. While Binance’s CEO has yet to comment publicly, the optimism is palpable: ENA, Ethena’s governance token, spiked to a seven-month high on news of the launch.
StablecoinX representatives highlighted,
“Our $530 million PIPE investment underlines our confidence in Ethena’s delta-neutral stablecoin architecture and the long-term growth of the ecosystem.”
The partnership is expected to further enhance protocol liquidity and public market prospects, with a planned Nasdaq listing in the works for StablecoinX and the broader Ethena ecosystem.
As Ethena maintains its peg, expands integrations, and shapes stablecoin innovation, the Binance listing stands out as a pivotal moment—reinforcing the stablecoin’s ascendance and further diversifying DeFi’s growing toolkit.
Ethena Labs’ dollar-pegged stablecoin, USDe, has experience a meterioric rise in recent months, now standing as the third-largest after its market capitalization soared by 75% to approximately $9.3 billion in just three weeks.
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