Binance Listing of Ethena USDe May Boost ENA, Fee Switch Could Enable Up to $500M in Buybacks

• 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.

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.

Comparison table: Listing outcomes vs past listings

Who commented on the listing?

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.

Frequently Asked Questions

How can traders access USDe on Binance?

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.

Is USDe collateralized and how?

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.

Key Takeaways

• Binance listing: Spot trading for USDe/USDC and USDe/USDT began Sept 9, 2025, expanding market access.
• Fee switch activation: The activated switch may release up to $500M in capital for ENA buybacks, per Ethena Labs and investor statements.
• Market response: ENA rose over 8% intraday; TVL and on-chain metrics showed clear increases, reflecting heightened protocol engagement.

Conclusion

The Ethena USDe listing on Binance is a key liquidity milestone that coincided with a fee-switch activation enabling significant ENA buyback potential. Market indicators—price, TVL, and on-chain activity—responded positively. Watch protocol disclosures and on-chain metrics for confirmed buyback flows and governance updates.

Published by COINOTAG on 2025-09-09 · Updated 2025-09-09