TLDR
- USDe stablecoin surged to over $13 billion in circulation following its listing on Binance.
- The supply of USDe grew by nearly 2% in just 24 hours, making it the fastest-growing stablecoin.
- USDe has added more than $3 billion to its supply in the past month alone.
- The stablecoin now holds a 5% share of the $287 billion stablecoin market, becoming the third-largest stablecoin.
- The GENIUS Act, signed by President Trump, provided regulatory clarity, boosting interest in stablecoins.
Ethena’s synthetic stablecoin, USDe, reached over $13 billion in circulation after its Binance listing, marking a significant milestone. This rapid rise reflects the growing market interest in stablecoins and the protocol’s strategic efforts to boost USDe’s adoption. In less than a day, the supply surged nearly 2%, according to DeFiLlama data.
USDe Stablecoin Hits $13.2B in 24 Hours
Within 24 hours, the USDe stablecoin expanded to around $13.2 billion, making it the fastest-growing stablecoin. The protocol has added more than $3 billion in supply over the past month alone. USDe crossed the $10 billion mark in August, marking a key moment in its growth.
Since its launch, USDe has rapidly become the third-largest stablecoin, commanding nearly 5% of the $287 billion stablecoin market. This growth highlights Ethena’s ability to attract investors and users, making USDe a strong player in the industry.
Boosted by Regulatory Clarity and DeFi Yields
The surge in USDe’s adoption coincides with the GENIUS Act, signed by President Donald Trump. This new federal law provides a clearer framework for stablecoins, driving interest from investors. Additionally, Ethena’s stablecoin offers significant yields, around 10%, which has drawn capital away from US Treasurys.
Investors now view DeFi returns as a more attractive alternative, further supporting USDe’s growth. With regulatory clarity and higher yields, more users are choosing USDe over traditional financial instruments. This trend is expected to continue as more people seek decentralized financial solutions.
Binance Listing Drives USDe’s Adoption
Binance’s decision to list USDe has played a crucial role in its growth. The exchange’s vast reach, with $130 billion in assets and $40 billion in stablecoins, offers a powerful distribution channel for the stablecoin. Guy Young, Ethena Labs’ founder, sees this as a pivotal moment, highlighting the exchange’s rare backing of external projects.
Binance has historically pursued a strategy of providing in-house product solutions, and very rarely open their platform to external teams without rigorous examination and a demonstration of very clear product market fit.
Both their investment into Ethena and now integrations of…
— G | Ethena (@gdog97_) September 9, 2025
Following the listing, USDe will be paired with Tether’s USDT on Binance. It will also be integrated into Binance Earn, allowing users to earn rewards for holding USDe. Later this month, USDe will be accepted as collateral across Binance’s futures and perpetual markets.
