Binance has historically pursued a strategy of providing in-house product solutions, and very rarely open their platform to external teams without rigorous examination and a demonstration of very clear product market fit. Both their investment into Ethena and now integrations of USDe into the Binance platform required many months of detailed diligence. I've personally learned a lot from them this past year and am convinced that you can only build a lasting business at the scale they have by always doing right by your users and never letting that standard drop. That is the only way to earn the trust of >250m users. The holy grail of dollar asset distribution has always been embedded within centralized exchanges alongside their user bases. And as of today USDe will now be integrated fully across the entire product suite of the largest exchange in the world. We couldn't be more excited to be expanding our relationship with Binance to offer their users a unique product across their entire platform including: i) USDe futures margin collateral across the entire derivatives platform ii) USDe spot trading pairs iii) Direct integration into the Binance Earn program With more coming in the next few weeks. Binance currently holds over ~$130b of assets and ~$40b of stablecoins, and we expect USDe to grow into one of the largest on their platform. USDe penetration for USD assets on other CEXs sits at roughly ~12% which would correspond to >$4.0b of USDe on Binance. Only the beginning for Ethena and Binance.