Binance Adds Ethena’s $13 billion USDe Stablecoin for Yield & Trading

- Binance integrates Ethena Labs' USDe as a trading pair, collateral, and Binance Earn option - The move challenges Tether's dominance while boosting capital efficiency for users On September 9, 2025, Binance, the world’s largest cryptocurrency exchange, announced it will integrate Ethena Labs’ synthetic dollar, USDe, into its ecosystem, enhancing trading and yield-generating opportunities for its 280 million users. According to CoinDesk on September 9, the exchange added USDe as a spot trading pair against Tether (USDT), incorporated it as collateral for futures and perpetual contracts, and listed it as a yield-bearing product on Binance Earn. The use of USDe as collateral allows users to earn returns on their margin balances, while its presence on Binance Earn enables participants to generate dollar-pegged rewards. This integration marks a bold move by Binance and Ethena Labs to challenge Tether's USDT, the market-leading stablecoin, as USDe’s yield-generation feature provides traders and investors with advanced capital efficiency. In a statement, Ethena Labs called the partnership “one of our most important integrations to date.” In 2024, Ethena Labs first brought USDe to the Bybit exchange, where its rewards mechanism helped it capture a 12% share of USD balances. The company expects to surpass that success on Binance, which has a significantly larger user base. Meanwhile, speculation about upgrades tied to this integration caused a price bump for Ethena's governance token, ENA. Reports suggest that Binance’s support could expedite Ethena Labs’ introduction of the "fee switch," a feature designed to distribute protocol revenues among ENA holders. In addition, Binance plans to expand USDe’s utility by adding more trading pairs in the future. According to CoinMarketCap, USDe was trading at $1.001 as of 17:14 UTC on September 9, with its 24-hour trading volume up 2.1%. In the same period, Ethena’s ENA token also increased by 4.7%, trading at $0.816 as of 17:15 UTC.