USDe deposits on Binance reached 734 million USD as Ethena's TVL reached 16 billion USD.

The USDe stablecoin from Ethena Labs has experienced rapid growth, with the balance on Binance reaching nearly 735 million USD just one day after offering a 12% interest rate on Binance Earn. With this growth momentum, the USDe balance on Binance could surpass Bybit's figure of 838 million USD. USDe is currently the third largest stablecoin by market capitalization, exceeding 14 billion USD, a 145% increase compared to June.

its growth from August 2024 to August 2025 outperforms competitors like USDC and USDT. Additionally, the total locked value (TVL) of Ethena's USDe and USDtb stablecoins has now exceeded 16 billion USD. Although Ethena's ENA token is struggling, trading at 0.60 USD, it has still increased by 117% over the past year. Analysts point to high interest rates, distribution through exchanges, and institutional interest as factors driving the popularity of stablecoins. To cope with the slowdown of ENA, Ethena Labs plans to propose "conversion fees" to benefit ENA holders.