{"id":406054,"date":"2025-09-24T08:06:19","date_gmt":"2025-09-24T02:36:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/usde-deposits-on-binance-hit-734-million-as-ethena-tvl-tops-16-billion-crypto-news\/"},"modified":"2025-09-24T08:10:57","modified_gmt":"2025-09-24T02:40:57","slug":"usde-deposits-on-binance-hit-734-million-as-ethena-tvl-tops-16-billion-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/usde-deposits-on-binance-hit-734-million-as-ethena-tvl-tops-16-billion-crypto-news\/","title":{"rendered":"USDe Deposits on Binance Hit $734 Million as Ethena TVL Tops $16 Billion – Crypto News"},"content":{"rendered":"

<\/p>\n

Ethena\u2019s stablecoins continue to attract liquidity while the ENA token lags behind.<\/p>\n

\n

Ethena Labs\u2019<\/a> stablecoins continue to record rapid growth, with USDe balances hitting nearly $735 million on centralized exchange (CEX) Binance just one day after it began offering a 12% APR on Binance Earn deposits.<\/p>\n

Tom Wan, head of data at Entropy Advisors, noted<\/a> on X (formerly Twitter) that if liquidity keeps growing at this pace, USDe holdings on Binance could soon surpass those on Bybit, which currently stand at around $838 million, according to Dune data.<\/p>\n

USDe Balances on CEXs<\/figcaption><\/figure>\n

USDe<\/a> is currently the third-largest circulating stablecoin, with a market capitalization of over $14 billion, up 145% from $5.7 billion in June. It has grown more than 200% from August 2024 to August 2025<\/a> \u2013 outpacing Circle\u2019s USDC\u2019s 87% and Tether\u2019s USDT\u2019s 39.5% growth over the same period.<\/p>\n

Meanwhile, the combined total value locked (TVL) of Ethena\u2019s USDe and USDtb stablecoins has now surpassed $16 billion, with USDe holding just over $14 billion and USDtb at $1.83 billion, according to data from DeFiLlama.<\/p>\n

USDtb, Ethena Labs\u2019 synthetic stablecoin, holds over 90% of its reserves in BlackRock\u2019s BUIDL tokenized Treasury fund. It is currently the ninth-largest stablecoin with a market capitalization of $1.8 billion.<\/p>\n

Ethena Labs\u2019 native token, ENA, however, has lagged in comparison: it\u2019s currently trading at $0.60, down 14% over the past week and 25% over the past two weeks, according to CoinGecko. Notably, the coin is still up 117% over the year, though it remains well below its all-time high of $1.52.<\/p>\n

\"ENA
ENA Chart<\/figcaption><\/figure>\n

Analysts suggest that exchange distribution, high APRs, and institutional interest are driving the adoption of stablecoins at a faster rate than traditional utility or governance tokens.<\/p>\n

In response to ENA lagging, Ethena Labs is planning to propose a \u201cfee switch\u201d<\/a> that would redirect a portion of protocol fees to ENA holders. <\/p>\n

Ethena\u2019s Recent Moves<\/h2>\n

On Sept. 12, Ethena Labs launched USDe and staked USDe (sUSDe) on Layer 1 (L1) blockchain Avalanche, marking a major cross-chain expansion<\/a>. The rollout included integrations with Uniswap<\/a>, Pharaoh Exchange, LFJ, and BlackholeDEX for spot liquidity.<\/p>\n

Earlier this year, Ethena also expanded to the TON blockchain<\/a>, deploying USDe and sUSDe in May. The integration made sUSDe available as tsUSDe within Telegram\u2019s in-app wallets, giving the messaging platform\u2019s roughly one billion users access to stablecoin yield.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethena\u2019s stablecoins continue to attract liquidity while the ENA token lags behind. Ethena Labs\u2019 stablecoins continue to record rapid growth, with USDe balances hitting nearly $735 million on centralized exchange (CEX) Binance just one day after it began offering a 12% APR on Binance Earn deposits. Tom Wan, head of data at Entropy Advisors, noted […]<\/p>\n","protected":false},"author":2,"featured_media":406055,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-406054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/406054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=406054"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/406054\/revisions"}],"predecessor-version":[{"id":406056,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/406054\/revisions\/406056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/406055"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=406054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=406054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=406054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}