SS #30 - Binance Integrates with Ethena

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Good Morning.

Happy Friday, everyone! I hope you have a chance to unwind this weekend — but not the stablecoin industry, which is heating up with the USDH proposal and Ethena making its mark. Speaking of Ethena, they’ve just announced a partnership with Binance: USDe will now be integrated across Binance’s ecosystem, from spot trading and perpetuals to Binance Earn. It’s been an exciting week for ENA holders.

The stablecoin market cap continues to grow, hitting new all-time highs almost every week. With the space moving so fast and news coming in daily, it can be hard to keep up — but don’t worry: Stablescope is here to help you stay on top of the latest developments in the stablecoin world.

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In Today's Edition:

• Headline: Binance Integrates with Ethena

• Quick Bites: Ethena Joins Race for Hyperliquid's Stablecoin

• Yield of the Week: 312.27% APY on Euler

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HEADLINE

Binance Integrates with Ethena

State of play: Binance has integrated Ethena Labs’ USDe synthetic dollar across its platform, marking a major milestone for both Binance and the stablecoin sector.

• Binance will offer USDe for spot trading, as collateral in futures and perpetuals, and within Binance Earn.

• Users will receive weekly rewards simply for holding USDe on the exchange, boosting its attractiveness compared to existing stablecoins.

• With nearly $13B in supply, USDe is now positioned as the largest non-fiat-backed stablecoin and could challenge USDT’s dominance.

What’s Next: USDe adoption on Binance could grow quickly, challenging USDT’s dominance and paving the way for Ethena to activate its “fee switch,” which may boost ENA through buybacks and revenue sharing.

Why it Matters: The move brings yield-bearing synthetic dollars into mainstream trading, offering traders more efficient collateral options and signaling growing competition in the stablecoin market.

Our Take: Binance’s backing validates Ethena’s model and could reshape stablecoin usage, but long-term success depends on USDe’s ability to maintain its peg and sustain rewards.

QUICK BITES

• USDD launches natively on Ethereum.

• Bernstein confident Circle sustains growth.

• Ethena joins race for Hyperliquid's stablecoin.

• Minnesota Credit Union to launch stablecoin.

• LitFinancial introduces stablecoin on Ethereum.

• Binance integrates Ethena's USDe across platform.

• Paxos pitches PayPal, Venmo rails in bid to issue Hyperliquid USDH stablecoin.

YIELD OF THE WEEK

Midas mHYPER: 22.51% APY

• mHYPER is designed to track market-neutral stablecoin strategies across multiple blockchain ecosystems.

• The strategy is managed by Hyperithm, a digital asset firm based in Tokyo and Seoul specializing in quantitative strategies and venture research.

• Midas maintains at least 10% of circulating supply on each chain for instant redemption, with $806.92K currently available.

Jupiter JLP: 17.58% APY

• The Jupiter Liquidity Provider (JLP) Pool serves as the counterparty to traders, providing tokens for leveraged positions.

• JLP tokens derive their value from an index of SOL, ETH, WBTC, and USDC, along with trader PnL and 75% of fees generated within the pool.

• APY in USD is based on 75% of perpetual trading fees, distributed hourly back to holders, excluding asset appreciation and trader PnL.

Euler sUSDf/USDC: 45.33% - 312.27% APY

• Euler enables leveraging sUSDf as collateral, borrowing USDC up to 9.98x to maximize yield.

• With a max LTV of 90%, the liquidity in this pool is up to $5.71M.

• Users can either borrow USDC against sUSDf collateral or utilize leverage to long sUSDf and short USDC.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.