tl;dr
Ethena’s synthetic stablecoin, USDe, has surpassed $13 billion in circulation in under 24 hours after its debut on Binance, marking one of the fastest growth sprees in stablecoin history. The token’s supply surged nearly 2% in a single day, now accounting for about $13.2 billion, making it the thi...
**Ethena’s USDe Surpasses $13 Billion in Circulation, Fueling a Stablecoin Surge**
Ethena’s synthetic stablecoin, USDe, has rocketed past $13 billion in circulation in under 24 hours after its debut on Binance, marking one of the most explosive growth sprees in stablecoin history. According to DeFiLlama data, the token’s supply surged nearly 2% in a single day, now accounting for about $13.2 billion—making it the fastest-growing stablecoin in recent memory.
This meteoric rise isn’t a fluke. Over the past month, USDe has quietly amassed over $3 billion in value, propelling it from $10 billion in August to its current position as the third-largest stablecoin in a $287 billion market. That’s 5% of the entire stablecoin ecosystem, a testament to its growing appeal.
### A Perfect Storm of Factors
The timing of USDe’s growth couldn’t be more strategic. Recent regulatory clarity has played a pivotal role. When President Donald Trump signed the GENIUS Act earlier this year, it became the first federal law to provide a framework for stablecoins, offering investors a much-needed sense of security. This legal backing, combined with Ethena’s eye-popping 10% yields, has drawn capital from traditional investors seeking higher returns than the meager yields of U.S. Treasurys.
Meanwhile, Binance’s decision to list USDe has unlocked a potential $4 billion opportunity. Guy Young, founder of Ethena Labs, called the integration a “turning point,” emphasizing Binance’s massive influence. With $130 billion in assets and $40 billion in stablecoins on its platform, Binance offers a distribution channel that could scale USDe’s adoption to unprecedented levels.
### Binance’s Role: A Gateway to Mainstream Adoption
Young’s optimism isn’t unfounded. On Binance’s sister exchange, Bybit, USDe already holds around 12% of total dollar balances. If that rate translates to Binance, it could mean over $4 billion in USDe deposited on the platform.
The token’s integration on Binance isn’t just about liquidity—it’s about utility. USDe is now paired with Tether’s USDT and will be integrated into Binance Earn, allowing users to earn weekly dollar-denominated rewards simply by holding the stablecoin. Later this month, USDe will also be accepted as collateral for futures and perpetual trading, further cementing its role in DeFi and institutional markets.
### What’s Next for USDe?
With Binance’s backing and a regulatory environment that’s finally catching up to the crypto space, USDe’s trajectory looks bullish. But the real test will be whether it can maintain its momentum amid competition from giants like Tether and USDC. For now, though, Ethena’s stablecoin is proving that innovation—and a dash of timing—can turn a niche project into a $13 billion juggernaut.
As Young puts it, the ball is rolling. The question is: How far will it go?