This rapid expansion has been ongoing over the past month, with the protocol adding more than $3 billion to its footprint after it crossed $10 billion in August. Notably, USDe is the third-largest stablecoin in the industry, controlling around 5% of the $287 billion stablecoin market.
That regulatory clarity, coupled with Ethena’s significant yields of around 10%, has drawn capital from investors who see DeFi returns as more attractive than US Treasurys.
This milestone comes as Binance added USDe to its platform this week.
He described the integration as a turning point, with Binance’s $130 billion in assets and $40 billion in stablecoins offering a massive distribution channel.
Considering this, Young said he expects USDe adoption on Binance to eventually mirror its penetration on Bybit, where it accounts for around 12% of total dollar balances.
According to him:
“USDe penetration for USD assets on other CEXs sits at roughly ~12% which would correspond to >$4.0 billion of USDe on Binance.”
Later this month, it will be accepted as collateral across Binance’s futures and perpetual markets.
