Binance Lists Ethena USDe; Market Response Noted

Binance announced the listing of Ethena USDe on September 9, 2025. Spot trading opportunities opened for USDe/USDC and USDe/USDT pairs. Withdrawals were scheduled to commence on September 10, 2025, highlighting a new milestone for Ethena Labs.

Ethena Labs backed this launch, with Arthur Hayes, a major investor, indicating activation of a $500 million fee switch. Binance’s announcement came alongside

Following the listing, ENA surged over 8% intraday. The token reached a seven-month high, showcasing increased investor interest. On-chain data also indicated a substantial rise in Ethena’s Total Value Locked (TVL), marking significant market effects.

The listing facilitated Ethena’s long-planned fee switch, potentially unlocking up to $500 million for ENA buybacks. This resulted in increased protocol engagement, aligning with the DeFi community’s anticipated outcomes and leveraging yield-generating stablecoin capabilities.

Historical listings of similar stablecoins have typically led to robust gains. Ethereum’s DAI listing on Binance in 2020 and FRAX’s listing in 2023 evidenced boosts in market activity and TVL growth, comparable to current Ethena dynamics.

Investors and audit reports confirm that USDe, collateralized by BTC, ETH, and stablecoins, has incrementally boosted Ethena’s revenue to over $480 million since 2023. Market movements align with the expansion strategy laid out by Ethena Labs.

Arthur Hayes, Investor, Ethena, “With the Binance USDE listing ENA fee switch is going to get turned on. That unlocks $500m of buybacks.”