Binance Launches Ethena USDe for Spot Trading with $12B

TLDR

Table of Contents

Ethena USDe hits $12B market cap, surpassing traditional stablecoins in growth.
Binance’s listing includes rewards for holders, boosting adoption.
Ethena’s $530M PIPE investment demonstrates strong institutional support.
USDe’s delta-hedged crypto model positions it as a top stablecoin contender.

Binance has officially listed Ethena USDe (USDe), a stablecoin backed by a mix of delta-hedged cryptocurrencies. This marks a significant milestone in the stablecoin market, with Ethena USDe rising rapidly to a market cap of $12 billion. The listing, which went live on September 9, 2025, is expected to drive increased liquidity and solidify USDe’s position in the stablecoin sector. Ethena’s growth trajectory, supported by a $530 million investment and Binance’s platform, suggests that it is poised to reshape the crypto landscape.

Binance’s Role in Boosting USDe’s Liquidity

The listing of Ethena USDe on Binance provides a much-needed boost to its liquidity and market visibility. By offering the stablecoin with no listing fee, Binance ensures easy access for traders and investors. The spot trading pairs—USDe/USDC and USDe/USDT—are expected to attract significant attention, particularly with a zero-fee policy for the launch. This strategy is designed to drive trading volume and broaden the adoption of USDe, especially given its market cap of $12 billion.

The rewards program introduced by Binance for USDe holders is likely to encourage further participation. Users holding at least 0.01 USDe will be eligible for daily rewards across various Binance accounts. This initiative incentivizes engagement with the token, fostering greater liquidity and strengthening its position as a leading stablecoin on the platform.

Ethena USDe’s Surge in Market Capitalization

In addition, Ethena USDe has experienced remarkable growth since its inception, reaching a market cap of $12.91 billion within a short span. With its circulating supply now at 12.9 billion tokens, USDe has surpassed the $10 billion milestone in just 10 months, a feat that took other stablecoins like USDT 88 months to accomplish. This rapid growth highlights the increasing demand for stablecoins that are not directly tied to fiat currencies.

The surge in USDe’s supply, which increased by 31%, signals growing institutional confidence in its delta-neutral stablecoin model. The significant investment from StablecoinX, which contributed $530 million to the protocol, further supports this upward trajectory. These developments are likely to attract additional institutional investors, cementing USDe’s role in both decentralized finance (DeFi) and centralized finance (CeFi).

Institutional Interest and the Future of USDe

Even so, the listing of Ethena USDe on Binance comes at a time when the stablecoin is gaining traction among institutional investors. StablecoinX’s $530 million PIPE investment reflects the growing confidence in Ethena’s unique model, which blends cryptocurrencies like Bitcoin and Ethereum to maintain its stability. The protocol’s ability to attract institutional interest is underscored by its $14 billion total value locked (TVL), positioning Ethena as a central player in the crypto ecosystem.

The long-term success of USDe will depend on its ability to navigate regulatory scrutiny. As more financial bodies engage with the stablecoin sector, Ethena’s compliance with global regulations will play a crucial role in its continued growth. For now, the Binance listing serves as a key milestone in this ongoing evolution, offering traders an opportunity to engage with a rapidly growing stablecoin.

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