Ethena’s synthetic stablecoin, USDe, has climbed to over $13 billion in circulation no longer up to a day after it turned into once listed on Binance.
DeFiLlama info reveals provide jumped virtually 2% in 24 hours to about $13.2 billion, making it the quickest-rising stablecoin in the previous day.
This quick growth has been ongoing over the final month, with the protocol along side better than $3 billion to its footprint after it crossed $10 billion in August. Notably, USDe is the third-greatest stablecoin in the alternate, controlling round 5% of the $287 billion stablecoin market.
In the intervening time, the timing of this grunt reflects several reinforcing elements designed to raise the stablecoin’s grunt.
Over the previous months, market ardour in stablecoins has accelerated after President Donald Trump signed the GENIUS Act, the first federal legislation offering a framework for these assets.
That regulatory clarity, coupled with Ethena’s significant yields of round 10%, has drawn capital from investors who explore DeFi returns as more honest than US Treasurys.
Binance’s integration supplies USDe $4B opportunity
This milestone comes as Binance added USDe to its platform this week.
Man Younger, Ethena Labs’ founder, stated the checklist highlights Binance’s rare decision to motivate an exterior project after extensive due diligence.
He described the integration as a turning level, with Binance’s $130 billion in assets and $40 billion in stablecoins offering a large distribution channel.
Pondering this, Younger stated he expects USDe adoption on Binance to in the waste reflect its penetration on Bybit, the assign it accounts for round 12% of total buck balances.
In line with him:
“USDe penetration for USD assets on other CEXs sits at roughly ~12% which could correspond to >$4.0 billion of USDe on Binance.”
In line with the announcement, the token will be paired in opposition to Tether’s USDT and integrated into Binance Make, permitting users to obtain weekly buck-denominated rewards for simply maintaining USDe on the alternate.
Later this month, this also can simply be permitted as collateral all over Binance’s futures and perpetual markets.
