Binance listed Ethena USDe on September 9, 2025, opening spot trading for USDe/USDC and USDe/USDT and enabling Ethena’s fee switch that can unlock up to $500 million for ENA buybacks; the announcement triggered an immediate ENA price surge and a notable rise in TVL and on-chain activity.
Binance opened spot trading for USDe/USDC and USDe/USDT on Sept 9, 2025, enabling market access for Ethena’s native stablecoin.
Ethena’s activated fee switch may channel up to $500 million into ENA buybacks, increasing protocol revenue capture.
ENA rose over 8% intraday and Ethena’s TVL recorded a material uptick, per on-chain metrics and protocol reports.
Ethena USDe listing: Binance opens USDe spot pairs; ENA buybacks possible up to $500M—read the full update and market impact analysis. Learn more.
What is the Ethena USDe listing on Binance?
Ethena USDe listing on Binance is a market listing that opened spot trading for USDe/USDC and USDe/USDT on September 9, 2025 at 12:00 UTC. The listing coincided with Ethena’s fee switch activation, which enables fee capture and potential ENA buybacks tied to protocol revenue.
How does the fee switch affect ENA buybacks?
The fee switch converts protocol fees into a mechanism that can fund ENA buybacks. Ethena Labs and investor statements indicate the switch could unlock up to $500 million in buybacks. That capital is intended to reduce circulating ENA, support governance, and enhance liquidity over time.
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When did Binance list USDe and what trading pairs opened?
Binance listed Ethena USDe on September 9, 2025 at 12:00 UTC. Trading opened for USDe/USDC and USDe/USDT, with withdrawals scheduled to begin on September 10, 2025. The listing marked a milestone in Ethena’s rollout and broader market access for yield-backed stablecoins.
What immediate market effects were observed after the listing?
Post-listing, ENA surged over 8% intraday and hit a seven-month high. On-chain telemetry showed rising Total Value Locked (TVL) and increased transaction volume. Historical analogs—such as earlier stablecoin listings—have also produced similar upticks in liquidity and token performance.
How reliable is the reported fee-switch amount?
Ethena Labs and investor commentary, including statements attributed to Arthur Hayes, indicate a fee-switch capacity up to $500 million. Protocol financial reports and audit summaries were cited by market participants as background. All figures reflect reported on-chain and protocol disclosures rather than speculative projections.
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Arthur Hayes, investor in Ethena, stated: “With the Binance USDe listing ENA fee switch is going to get turned on. That unlocks $500m of buybacks.” This investor commentary was widely reported within the DeFi community and referenced in on-chain activity summaries.
Traders can access USDe via opened spot pairs USDe/USDC and USDe/USDT on Binance; withdrawals were scheduled to start on September 10, 2025. Trading requires standard account verification and adherence to exchange rules.
USDe is collateralized by a basket including BTC, ETH, and stablecoins according to protocol disclosures. Collateralization supports peg stability and underpins fee generation for the protocol.
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