Ethena's USDe hits $13 billion milestone with Binance boost

Ethenas synthetic stablecoin, USDe, has climbed to over $13 billion in circulation less than a day after it was listed on Binance.

DeFiLlama data shows supply jumped nearly 2% in 24 hours to about $13.2 billion, making it the fastest-growing stablecoin in the past day.

This rapid expansion has been ongoing over the past month, with the protocol adding more than $3 billion to its footprint after it crossed $10 billion in August. Notably, USDe is the third-largest stablecoin in the industry, controlling around 5% of the $287 billion stablecoin market.

Meanwhile, the timing of this growth reflects several reinforcing factors designed to boost the stablecoins growth.

Over the past months, market interest in stablecoins has accelerated after President Donald Trump signed the GENIUS Act, the first federal law providing a framework for these assets.

That regulatory clarity, coupled with Ethenas significant yields of around 10%, has drawn capital from investors who see DeFi returns as more attractive than US Treasurys.

Binances integration offers USDe $4B opportunity

This milestone comes as Binance added USDe to its platform this week.

Guy Young, Ethena Labs‘ founder, said the listing highlights Binance’s rare decision to back an external project after extensive due diligence.

He described the integration as a turning point, with Binances $130 billion in assets and $40 billion in stablecoins offering a massive distribution channel.

Considering this, Young said he expects USDe adoption on Binance to eventually mirror its penetration on Bybit, where it accounts for around 12% of total dollar balances.

According to him:

“USDe penetration for USD assets on other CEXs sits at roughly ~12% which would correspond to >$4.0 billion of USDe on Binance.”

According to the announcement, the token will be paired against Tethers USDT and integrated into Binance Earn, allowing users to collect weekly dollar-denominated rewards for simply holding USDe on the exchange.

Later this month, it will be accepted as collateral across Binances futures and perpetual markets.