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Binance Lists USDe as ENA Hits 7-Month High on Buyback Switch Hopes

The listing clears a key prerequisite for Ethena to route protocol revenue to ENA holders through a fee switch investors expect to fund sizable repurchases.

Ethena's ena rallies to 7 month high on binance listing fueling $500m buyback hopes
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Overview

  • Binance opened USDe trading against USDT and USDC on Sept. 9 with deposits live, withdrawals following, and plans to add Binance Earn rewards and futures collateral this month.
  • USDe’s circulation rose to about $13.2 billion within a day of the listing, keeping it the third‑largest stablecoin and the fastest‑growing over the past 24 hours.
  • ENA climbed to roughly $0.87, up about 8% on the day and more than 20% over the week, reaching its strongest level since late January.
  • The exchange debut satisfies Ethena’s exchange‑listing requirement for its fee switch, and Arthur Hayes says activation could unlock roughly $500 million for ENA buybacks, with Token Terminal tracking about $54 million in revenue last month and more than $480 million since launch.
  • Institutional dynamics cut both ways as StablecoinX and TLGY commit about $530 million to build ENA reserves while on‑chain trackers highlight sizable whale deposits to exchanges that could add near‑term sell pressure.