Binance Lists USDe as Ethena Labs Nears ENA Fee Switch Activation

Ethena Labs, a leading DeFi protocol, is making big moves in the crypto space. With new milestones, growing adoption, and ongoing developments, the team is steadily expanding its ecosystem.

In a recent update, it has secured a listing on a major exchange. Here’s why it’s such a big deal!

Binance to List USDe on September 9

Binance is all set to list Ethena USDe (USDE) on its platform. Trading will begin on 2025-09-09 at 12:00 (UTC) with the pairs USDE/USDC and USDE/USDT. Users can begin depositing USDE in preparation for trading, while withdrawals will be available from 2025-09-10 at 12:00 (UTC).

USDe is the largest non-fiat-backed digital dollar, with over $12B in supply. Backed by BTC, ETH, and stablecoins, USDE is powered by the Ethena protocol. The listing comes with a zero BNB fee, making it easy to get started.

ENA token surged to its highest since late January on this news and is currently trading at $0.8366, up 8% in the last 24 hours.

ENA Fee Switch Activated?

BitMEX co-founder, Arthur Hayes, notes that with the Binance listing USDE, the $ENA fee mechanism will be activated. This would allow $500 million worth of token buybacks to happen. 

Listing ENA on top exchanges is a crucial step for Ethena to activate its fee switch, which will share protocol profits with token holders.

Ethena labs has identified three steps to activate the fee switch for buybacks:

• USDe’s circulating supply had to exceed $6B,
• Cumulative revenue needed to hit $250 million, and
• USDe had to be listed on four of the top five centralized exchanges.

Jason Choi, the co-founder of tangentxyz, notes that all conditions for ENA’s fee switch have now been met. The excitement in the community and the hype about the event shows that this is a big deal for the market.

USDE Rewards on Binance

Eligible users holding at least 0.01 USDe on Binance will start earning rewards. Rewards for September 2025 will be distributed as a one-time payment by the end of the month, and from then on, rewards will be paid weekly. 

Currently, residents of the EU/EEA, Canada, Australia, New Zealand, Cuba, Crimea, Iran, Japan, Netherlands, North Korea, Syria, the U.S. and its territories, and certain areas of Ukraine cannot trade these pairs.

USDe Hits $12B Market Cap

USDe hit a $12 billion market cap in August, making it the fastest digital dollar in history to hit this milestone. It outpaced all other USD-backed assets in supply growth, while the Ethena protocol generated over $500 million in cumulative gross interest revenue.

It is now the third-largest dollar-pegged token, trailing only behind USDT and USDC.

Expanding Ecosystem with Partnerships

Ethena Labs has also partnered with Based to expand its presence in the Hyperliquid ecosystem. The move supports adoption of USDe and upcoming Ethena products on Hyperliquid. 

It has also announced that treasury Stablecoin X raised $530 million to accumulate more ENA. Recently, MegaETH, in partnership with Ethena, also launched its first native stablecoin, USDm.

Strategic partnerships, rapid growth, and strong revenue figures make both USDe and ENA tokens ones to watch closely in the coming months.