USDe, the largest stablecoin not backed by fiat, is preparing for its launch on Binance. This article explores key aspects of this event.
Launch of USDe Trading
Trading pairs with USDT and USDC will begin at 12:00 UTC, with deposits already live and withdrawals following a day later. Binance is waiving BNB fees to accelerate adoption.
Impact of ENA Fee Switch Activation
With all prerequisites met – $6B supply, $250M revenue, and listings on top exchanges – Ethena can now activate its fee switch. This mechanism, highlighted by BitMEX co-founder Arthur Hayes, paves the way for up to $500M in ENA buybacks. ENA has already surged 8% to $0.83, its highest since January.
Expansion of Ethena's Ecosystem
Binance will also reward users holding at least 0.01 USDe, paying out a one-time September distribution followed by weekly rewards. Regional restrictions apply, excluding the U.S., EU, and several other jurisdictions. Meanwhile, Ethena continues to expand its ecosystem through partnerships, including the launch of USDm in the Hyperliquid network, strengthening USDe's adoption while adding depth to ENA's utility.
With USDe’s rapid growth and ENA’s buyback engine now active, Ethena is positioning itself at the heart of DeFi’s next growth cycle, combining stablecoin dominance with tokenholder rewards.
