Binance Listing Powers Ethena's $500M Buyback Breakthrough

Binance, the world’s largest cryptocurrency exchange by trading volume, announced on September 9, 2025, that it will list Ethena’s USDe stablecoin for spot trading, with trading pairs including USDe/USDC and USDe/USDT becoming available at 12:00 UTC on the same day. The listing also includes the opening of deposits for USDe, with withdrawals enabled the following day at the same time [1]. USDe is a synthetic dollar asset with a total supply exceeding $12 billion, collateralized by major cryptocurrencies such as Bitcoin and Ethereum [3]. This move marks a significant development in the growing category of yield-generating stablecoins, offering users a stable-yield option within both decentralized and centralized financial ecosystems.

The listing comes amid a notable surge in Ethena’s governance token, ENA, which reached a seven-month high of $0.8185 on the same day. The price increase follows the activation of a key mechanism—the fee switch—that enables the sharing of protocol revenues with token holders. This mechanism is estimated to unlock approximately $500 million in buybacks for Ethena token holders, according to Arthur Hayes, a co-founder of BitMEX and a notable investor in the project [1]. The fee switch has been a critical barrier for Ethena to implement, with the listing on Binance considered a pivotal step in enabling this functionality.

USDe has gained traction as a yield-generating stablecoin, growing from a total value of $5.5 billion in mid-July to nearly $13 billion by early September. The token is backed by a mix of Bitcoin, Ethereum, and Solana, with a strategy that involves short perpetual futures positions to generate income through positive funding rates. This income is then passed on to token holders in the form of yield, with USDe currently offering an annualized yield of 6.5%—surpassing traditional money market funds and lending rates on DeFi platforms such as Aave [1].

Ethena’s success is also attributed to the broader trend of decentralized finance (DeFi) and digital asset treasury vehicles. The protocol has attracted interest from institutional and retail investors alike, with firms such as StablecoinX and TLGY planning to merge and raise $530 million to accumulate ENA tokens as part of a public investment vehicle [1]. In addition, Ethena is expanding its stablecoin issuance efforts, with plans to launch a native stablecoin on the Ethereum scaling network MegaETH and potentially compete to issue a stablecoin on derivatives platform Hyperliquid [1].

Analysts have highlighted the potential for Ethena to benefit from the ongoing convergence of DeFi and traditional financial markets, particularly as more investors seek yield in a low-interest-rate environment. The listing on Binance not only enhances USDe’s liquidity but also increases its exposure to a wider range of traders and investors. Given the protocol’s strong performance in the past months, including over $480 million in cumulative revenues since its launch in late 2023 and $54 million in revenue for the previous month, the listing is seen as a catalyst for further growth and adoption [1].

Source:

[1] Ethena Price News: ENA Surges on Binance USDe Listing (https://www.coindesk.com/markets/2025/09/09/ethena-s-ena-rallies-to-7-month-high-on-binance-listing-fueling-usd500m-buyback-hopes)

[2] Binance Alpha Lists Avantis ($AVNT) With Significant Airdrop Rewards (https://blockchainreporter.net/binance-alpha-lists-avantis-avnt-with-significant-airdrop-rewards/)

[3] Binance will list USDe and open USDe/USDC and USDe/USDT (https://www.odaily.news/en/newsflash/447250)

[4] Binance Lists Ethena’s $USDe Stablecoin (https://cryptorank.io/news/feed/eafbb-binance-lists-ethenas-usde-stablecoin)