Binance , the world’s largest crypto exchange , has announced the integration of USDe, a synthetic dollar created by Ethena Labs, across its entire platform. USDe will initially be listed as a Spot Trading pair with USDT. Ethena calls this “one of the most important integrations ever.”
Notably, USDe will be directly linked to Binance Earn, allowing users to earn rewards in USD. Binance will also start paying out rewards later this month to those who use USDe as collateral when trading futures and perpetuals. Users who simply hold USDe on Binance, even in the margin category, can also receive weekly rewards.
USDe is currently the largest non-fiat USD- Peg asset, with a supply of nearly $13 billion. It maintains its peg and generates profits through its crypto-position hedging mechanism. Ethena believes that using USDe as collateral could change trading habits on Binance – which Capital long relied heavily on USDT – as it helps optimize Capital by depositing margin and earning profits.
The integration is also expected to accelerate plans to activate a “fee switch” for the ENA Governance Token , which Chia protocol revenue with holder. If implemented, this mechanism could unlock up to $500 million in buybacks, according to former BitMEX CEO Arthur Hayes. ENA is currently up nearly 2% at $0.79, a sharp recovery from its June low of $0.23, though it remains below its all-time high of $1.52.
Ethena recalled the experience of Bybit in 2024, when USDe quickly surpassed USDC thanks to its built-in reward mechanism, currently accounting for about 12% of the total USD balance on Bybit. With 280 million users, Binance could make a similar breakthrough.
Binance will soon add USDe Spot Trading pairs, according to the announcement. Meanwhile, TLGY Acquisition Corp. and StablecoinX Assets Inc. have also just announced plans to raise $530 million to build an ENA reserve, preparing for a Nasdaq listing under the USDE ticker.
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The article Binance integrates Ethena's stablecoin USDe across the ecosystem appeared first on CoinMoi .
