Ethereum Backing Drives Ethena's Leap Onto Binance

Binance, the world's largest cryptocurrency exchange by trading volume, announced on September 9, 2025, that it would list Ethena’s stablecoin, USDe, for spot trading on its platform. The listing is scheduled to go live at 8:00 PM Beijing Time, with trading pairs USDe/USDC and USDe/USDT now available. Deposits for USDe are currently open, with no listing fee required in BNB, while withdrawals are set to become accessible the following day at the same time. This move is expected to increase the liquidity and adoption of USDe, a stablecoin backed by Ethereum (ETH) and designed to maintain a 1:1 peg with the U.S. dollar.

Ethena, the issuer of USDe, has emerged as a key player in the stablecoin market, with the token already reaching a market capitalization of over $12.4 billion in a short period. Its rapid growth has been attributed to its unique structure and the backing of Ethereum, which differentiates it from traditional algorithmic or fiat-backed stablecoins. This listing on Binance follows heightened interest in Ethereum-based stablecoins, particularly as the broader crypto market remains in a state of flux due to recent U.S. economic data and evolving regulatory landscapes.

The decision to list USDe on Binance suggests confidence in the token’s stability and utility, especially in light of the recent controversies surrounding other stablecoin projects, including Hyperliquid’s USDH and the USD Coin (USDC) issued by Circle. In particular, Binance has previously shown a preference for Ethereum-based assets, and this move aligns with its broader strategy to support the ecosystem. According to on-chain data, Anchorage Digital has deposited 5 million ENA—Ethena’s governance token—on Binance in the past 17 hours, indicating institutional confidence in the project.

From a market performance perspective, Ethena USDe has shown mixed results against Bitcoin in the past 30 days, with a 2.40% increase compared to BTC. However, it has underperformed relative to the broader crypto market, which has seen a 3.60% rise over the same period. As of the latest data, 1 USDe is valued at approximately 0.058989 BTC, with a total circulating supply of 12.442 billion USDe tokens. The token has a fully diluted valuation (FDV) of BTC 111,988.0285, but its circulating supply remains at full capacity, meaning it is not subject to inflationary pressures that can affect other stablecoins.

The listing of USDe on Binance may also reflect the growing trend of institutional and retail investors seeking alternative stablecoins outside the traditional USD-pegged models. Analysts suggest that the increased availability of USDe on major exchanges could contribute to the token’s long-term viability and adoption. However, the success of the listing will depend on the token’s ability to maintain its peg and the continued stability of Ethereum’s underlying infrastructure. As Ethena continues to expand its presence in the crypto market, the listing on Binance represents a significant step toward broader acceptance and integration.

Source:

[1] Binance to List Ethena USDe (USDe) and Open Spot Trading (https://www.panewslab.com/en/articles/51740e1f-325e-45bd-8f4f-40a3066f8f6b)

[2] BTC - Ethena USDe Price in Bitcoin (https://www.coingecko.com/en/coins/ethena-usde/btc)