Emre Yumlu 
Ethena has taken a major step in its expansion journey by partnering with Binance, the world’s largest cryptocurrency exchange. Through this collaboration, Ethena’s yield-bearing digital dollar, USDe, will now be integrated across Binance’s ecosystem, which serves more than 280 million users and holds over $190 billion in assets.
How USDe Will Be Used on Binance
With this integration, USDe will become accessible to Binance users in several ways:
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Collateral for futures and perpetual contracts
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Direct integration with Binance Earn for dollar-based rewards
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USDe/USDT spot trading pair, with more listings expected
This makes USDe one of the most significant non-native digital dollar assets to gain exposure on Binance’s global platform.
We are excited to announce one of our most important integrations to date
Ethena has partnered with Binance to embed USDe across its entire platform of 280m+ users and $190b+ in assets including:
• USDe reward bearing collateral for futures and perpetuals trading
• Direct… pic.twitter.com/Rys4FKKd9t— Ethena Labs (@ethena_labs) September 9, 2025
Why USDe Matters in the Stablecoin Market
Stablecoins play a central role in crypto markets, primarily by providing liquidity and collateral on centralized exchanges. At present, Tether (USDT) dominates the landscape, boasting a market size of more than $80 billion. Binance alone manages around $40 billion in stablecoins, which until now have generated no returns for users when held as collateral.
USDe changes this dynamic by becoming the first externally developed dollar asset on Binance that delivers rewards to users.
New Opportunities for Binance Users
Starting at the end of September, Binance users who hold USDe will begin earning weekly rewards, whether in spot wallets or as part of their margin portfolio.
This approach mirrors a successful rollout on Bybit in 2024, where USDe balances quickly overtook USDC, reaching 12% of total dollar holdings on the exchange within weeks. Ethena expects a similar trajectory on Binance, given its significantly larger user base.
A Shift in Capital Efficiency
USDe will also be integrated as a portfolio margin collateral asset on Binance. This means traders can back their entire portfolio with USDe, improving capital efficiency across positions. As liquidity increases, the initial haircut on USDe collateral will be reduced over time.
In addition, USDe will be available on Binance Earn, where it is positioned to become the highest-yielding digital dollar option from the very first day of integration.
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