Ethena’s USDe stablecoin surges to over $13B after Binance listing
Ethena’s artificial stablecoin, USDe, has climbed to over $13 billion in circulation lower than a day after it was listed on Binance.
DeFiLlama data exhibits provide jumped almost 2% in 24 hours to about $13.2 billion, making it the fastest-growing stablecoin previously day.
This speedy growth has been ongoing over the previous month, with the protocol including greater than $3 billion to its footprint after it crossed $10 billion in August. Notably, USDe is the third-largest stablecoin within the trade, controlling round 5% of the $287 billion stablecoin market.
Meanwhile, the timing of this progress displays a number of reinforcing elements designed to boost the stablecoin’s growth.
Over the previous months, market interest in stablecoins has accelerated after President Donald Trump signed the GENIUS Act, the primary federal legislation offering a framework for these property.
That regulatory readability, coupled with Ethena’s vital yields of round 10%, has drawn capital from traders who see DeFi returns as extra enticing than US Treasurys.
Binance’s integration gives USDe $4B alternative
This milestone comes as Binance added USDe to its platform this week.
Guy Young, Ethena Labs’ founder, said the listing highlights Binance’s uncommon resolution to again an exterior challenge after intensive due diligence.
He described the combination as a turning level, with Binance’s $130 billion in property and $40 billion in stablecoins providing an enormous distribution channel.
Considering this, Young stated he expects USDe adoption on Binance to ultimately mirror its penetration on Bybit, the place it accounts for round 12% of complete greenback balances.
According to him:
“USDe penetration for USD property on different CEXs sits at roughly ~12% which might correspond to >$4.0 billion of USDe on Binance.”
According to the announcement, the token will probably be paired towards Tether’s USDT and built-in into Binance Earn, permitting customers to accumulate weekly dollar-denominated rewards for merely holding USDe on the trade.
Later this month, it is going to be accepted as collateral throughout Binance’s futures and perpetual markets.
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