Ethena Labs is taking bold steps to reshape the stablecoin market. The firm’s USDe (USDE) stablecoin has been integrated across Binance, the world’s largest crypto exchange, giving users access to trading, yield-bearing collateral, and rewards.
At the same time, Ethena has submitted a high-profile proposal to issue Hyperliquid’s USDH, backed by BlackRock-linked USDtb and promising to return 95% of revenue to the community—signaling an ambitious bid to establish a major presence in the stablecoin ecosystem.
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USDe is a synthetic, non-fiat-backed dollar asset created by Ethena Labs. Unlike traditional stablecoins such as USDT or USDC, it maintains its peg to the U.S. dollar through crypto-based hedging strategies.
USDe Now Available Across Binance
The integration will make USDe available as spot trading pairs, including USDE/USDT and USDE/USDC, yield-bearing collateral for futures and perpetual contracts, and within Binance Earn.
Users will be able to earn rewards in USDe simply by holding the asset on the platform or using it as collateral for derivatives trading. Reward payments are expected to begin at the end of the month, and withdrawals for USDe became available on September 10.
Ethena Labs called the integration “one of our most significant to date,” emphasizing its ability to reshape trading by providing a dollar-denominated asset beyond conventional stablecoins.
The company added that “USDe will revolutionize trading on Binance as the first externally-developed dollar asset usable as collateral on the platform, complete with built-in rewards.”
Ethena Eyes Hyperliquid Stablecoin Issuance
Just hours ago, Ethena Labs submitted a proposal to become the issuer of Hyperliquid’s native stablecoin, USDH, with support from BlackRock’s BUIDL fund and Anchorage Digital.
Under the plan, USDH would be fully backed by USDtb, a stablecoin linked to BlackRock, and 95% of net revenue from USDH reserves would be returned to the Hyperliquid community through HYPE token purchases.
The proposal could allow Ethena to replace USDC as the leading stablecoin on Hyperliquid, which currently holds $5.5 billion in deposits.
ENA Fee Switch Could Boost Token Value
The integration comes as Ethena considers activating a “fee switch” for its governance token, ENA, which would share protocol revenues with holders. Former BitMEX CEO Arthur Hayes has suggested the Binance partnership could accelerate this process and enable significant buybacks.
After the announcement, ENA price climbed to $0.84, marking its highest level since January and signaling strong market optimism.
Why This Matters
By embedding USDe deeply into Binance’s ecosystem and targeting Hyperliquid’s USDH, Ethena Labs is positioning its USDe to rival USDC and USDT, currently the dominant dollar assets in crypto. If successful, this strategy could redirect billions in deposits, set new standards for yield-bearing stablecoins, and cement Ethena as a major player in both centralized and decentralized finance.
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People Also Ask:
Ethena USDe is a synthetic, non-fiat-backed stablecoin pegged to the U.S. dollar using crypto-based hedging strategies.
Ethena USDe is listed on major crypto platforms, including Binance, with trading and withdrawal options.
The integration positions Ethena USDe as a major competitor to traditional stablecoins like USDT and USDC, potentially reshaping the stablecoin market.
Yes, with integrations and adoption by exchanges, Ethena USDe aims to become a more widely used stablecoin in crypto markets.
