Binance Lists Ethena USDe; Market Response Noted
Binance officially lists Ethena USDe with ENA gaining traction and $500M buyback potential.
- Binance lists Ethena USDe; impacts on market observed.
- ENA surges post-listing, reflecting market confidence.
- Buyback potential increases due to fee switch activation.
Binance officially listed Ethena USDe on September 9, 2025, at 12:00 (UTC), allowing spot trading for USDe/USDC and USDe/USDT pairs.
This introduction aligns with the activation of Ethena’s fee switch, enhancing market dynamics with ENA buybacks impacting governance and liquidity.
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
celebrations, confirming the activated switch for ENA holders.
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.”
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