Ethena Labs announced a major partnership with Binance, the world’s largest cryptocurrency exchange by trading volume, to integrate its synthetic stablecoin USDe across the platform.
This collaboration embeds USDe into Binance’s ecosystem, making it accessible to over 280 million users and $190 billion in managed assets. The integration marks a significant step for Ethena, positioning USDe as a yield-generating alternative to dominant stablecoins like USDT and USDC in centralized exchange (CEX) trading.
Binance listed USDe for spot trading starting September 9, 2025, at 12:00 UTC (8:00 PM Beijing Time). Initial pairs include USDe/USDC and USDe/USDT, with deposits already open and a zero BNB listing fee to encourage adoption. Withdrawals are scheduled to begin on September 10, 2025, at 8:00 PM UTC.
For the first time on Binance, USDe will serve as reward-bearing collateral for futures and perpetuals trading. Users can hold USDe in portfolio margin accounts and earn weekly dollar-denominated rewards from Binance, paid out simply for holding the asset anywhere on the exchange.
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USDe is directly integrated with Binance Earn, allowing users to stake it for yields. Eligible holders (minimum 0.01 USDe) will receive a one-time September distribution followed by ongoing weekly rewards. Note that rewards are subject to regional restrictions, excluding areas like the U.S. and EU.
Additional USDe trading pairs and features are expected in the coming weeks, further deepening the integration. Ethena described this as “one of our most important integrations to date,” highlighting USDe’s role in transforming stablecoin utility on CEXs.
Similar to its 2024 deployment on Bybit—where USDe captured 12% of USD balances—Ethena aims to disrupt Binance’s $40 billion stablecoin market share, currently led by USDT and USDC.
USDe is Ethena’s flagship synthetic dollar, a non-fiat-backed stablecoin pegged 1:1 to the USD. It generates yield through delta-hedged positions on staked ETH (stETH), BTC, and other stablecoins, offering around 6.5% annualized returns—higher than many traditional options like USDC lending on Aave. Launched in late 2023, USDe has grown rapidly:
Over $12-13 billion in circulating supply, making it the third-largest USD-pegged asset behind USDT and USDC. Ethena’s total value locked (TVL) exceeds $14 billion. Generated $54 million in revenue last month and over $480 million since inception. It’s the largest non-fiat-backed digital dollar, backed by crypto assets rather than traditional reserves.
This listing fulfills a key milestone for Ethena’s governance token, ENA, activating the “fee switch” mechanism. This shares protocol profits with ENA holders and unlocks up to $500 million in potential buybacks, as noted by BitMEX co-founder Arthur Hayes. ENA surged 8% to around $0.84—its highest since January—following the announcement, driven by buyback speculation and increased DeFi yield demand.
ENA’s rally reflects optimism about Ethena’s growth, with analysts targeting $0.85-$1.00 short-term. USDe’s peg remains stable at ~$0.998, with low volatility post-listing. Ethena is expanding aggressively:
Partnership with Based on Hyperliquid for USDH stablecoin. Launch of USDm with MegaETH to subsidize sequencer fees. $530 million treasury raise by Stablecoin X to accumulate ENA. Indirect backing from BlackRock’s tokenized BUIDL fund via USDtb.
Stablecoins captured 25% of Q3 2025 crypto fundraising, underscoring their dominance in payments and DeFi. USDe’s CEX push challenges incumbents by offering native yields, potentially boosting on-chain activity and institutional interest.
This partnership enhances capital efficiency for Binance traders while accelerating Ethena’s adoption in both CEX and DeFi. As of September 10, 2025, trading is live, and users can explore USDe on Binance for rewards and liquidity.
Black Mirror IP Token Launches on Base and Solana
Official Black Mirror IP Goes Onchain
The $MIRROR token, the first-ever officially licensed franchise token tied to the Black Mirror intellectual property (IP), has launched on both Base (an Ethereum Layer 2 blockchain) and Solana.
This marks a significant milestone in blending mainstream entertainment with Web3, allowing fans to participate in the ecosystem through tokenized access, rewards, and community governance. The project is built on KOR Protocol and backed by major players including Animoca Brands, Avalanche (AVAX), Solana, and Republic Crypto.
The $MIRROR token is the official utility token for the “Black Mirror Experience,” an officially licensed Web3 expansion of Netflix’s iconic dystopian series Black Mirror.
Launched on September 8, 2025, via a Token Generation Event (TGE) on the Base network (Coinbase’s Ethereum Layer 2), it transforms passive viewership into an interactive, community-owned ecosystem.
Fans can now participate in shaping the franchise’s narrative, earn rewards through on-chain activities, and access real-world perks like animated episodes, NFTs, and events.
It’s fully licensed by Banijay (the IP holder for Black Mirror, produced in partnership with Netflix). Primary Token Generation Event (TGE) on September 8, 2025, on Base, where it went live and started trading immediately.
Expanded to Solana as part of its multi-chain strategy, leveraging Solana’s high-speed infrastructure for broader accessibility. Over 500,000 users registered pre-launch via the Black Mirror Club platform, qualifying for airdrops.
58% of the total supply is allocated to the community through airdrops, incentives, and rewards. This includes confirmed partner airdrops from entities like Meebits NFTs. The token powers an AI-driven ecosystem for reputation scores, privacy-focused identity, and interactive storytelling, where holders can influence Black Mirror narratives and access exclusive content.
Immediately listed on Binance Alpha and Aerodrome Finance (on Base) for trading. Also available on Kraken. As of early post-launch reports (September 8-9, 2025), the market cap hovered around $6 million, with strong initial engagement: thousands of likes, reposts, and replies on announcement posts.
Black Mirror, known for its dystopian tech explorations, is transitioning from TV to an “onchain universe.” $MIRROR enables fans to “build the next chapter” through decentralized tools, merging culture with blockchain. The launch video and announcements emphasize “Black Mirror is based” (a nod to Base chain and internet slang for authenticity), positioning it as a cultural experiment on Base, which is emerging as a hub for IP-backed projects.
CEO Inder Phull discussed the vision in a live session on September 3, 2025, highlighting onchain media’s future. This isn’t just a meme coin or fan token—it’s a pioneering “franchise token” that could redefine how entertainment IPs engage audiences onchain.
Users claim a dynamic “Social ID” NFT that evolves based on on-chain and social behavior. Tracked by AI assistant “Iris,” your reputation score influences airdrop allocations, access to exclusive content, and influence over story arcs.
While the token launches on Base for scalability and low fees, users can connect Ethereum (EVM) or Solana wallets during registration. This enables cross-chain participation.
With Black Mirror’s billions of global views and cultural resonance, $MIRROR has potential to onboard mainstream users to Web3 via familiar storytelling. Early buzz suggests it’s one of 2025’s most anticipated launches, though as with all crypto projects, it’s high-risk and speculative.