In a significant development aimed at extending the reach and increasing the usability of its assets, Ethena has formally introduced its stablecoins USDe and sUSDe on the Binance Smart Chain (BNB Chain).
This development widens the Ethena ecosystem to one of the largest and most vibrant blockchain networks in the crypto universe, presenting users with an array of fresh options to trade, lend, and earn in the burgeoning decentralized finance (DeFi) sector.
Introducing USDe and sUSDe to the BNB Chain represents a major step forward for Ethena, allowing us to tap into a rapidly growing and diversifying ecosystem. BNB Chain has millions of daily active users, and the level of developer activity ensures that it’s a constantly evolving platform. This new offering is likely to draw even more users toward our decentralized platform.
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New Opportunities for DeFi Users on BNB Chain
Powered by Ethena, the stablecoins USDe and sUSDe are now operational on a number of important DeFi venues. These stablecoins are available to swap, lend, and save on the very first venue, PancakeSwap—the largest DEX in the BNB Chain and a cornerstone DeFi venue in that ecosystem. Ethena was the very first protocol to mint USD-pegged stablecoins on the BNB Chain, and PancakeSwap is now the very first DeFi venue where those stablecoins can be utilized in various financial operations. BNB Chain, in fact, has a number of different venues that are powered by PancakeSwap, so the presence of USD-pegged stablecoins on PancakeSwap is a significant development.
Several structures of rewards now exist for users to utilize. On PancakeSwap, the liquidity pools USDe/USDT and sUSDe/USDe are earning 30x more Ethena rewards compared to standard pools. This is a very enticing reward structure for liquidity providers. It gets even better, though; not only are these two pools earning ridiculous amounts of Ethena, they’re also earning CAKE and trading fees at the same time. So there’s a lot going on here that makes these liquidity pools very attractive.
PancakeSwap allows users to easily benefit from Ethena’s rewards as they trade and provide liquidity on BNB Chain. The platform is built on Binance’s smart chain and services a token swap that is very similar to Ethereum’s Uniswap. Users who hold Ethena can stake it and earn rewards in a variety of other tokens.
USDe has officially launched on @bnbchain 🔶
USDe and sUSDe go live on @PancakeSwap, @VenusProtocol, and @pendle_fi BNB deployment
Users can swap, lend, and save with Ethena assets on BNB Chain pic.twitter.com/7lNteUrTxs
— Ethena Labs (@ethena_labs) April 4, 2025
Expanding Access to Venus and Pendle on BNB Chain
The introduction of USDe and sUSDe on BNB Chain offers exciting new ways for users to interact with Venus Protocol, the chain’s leading decentralized finance protocol and first money market. Once governance gives the green light, buyers and sellers of USDe and sUSDe will be able to utilize what Venus has to offer. When they do, they’ll encounter an incentive structure that is already rather alluring and has the apparent capacity to become significantly more so, depending on how governance votes.
The vast ecosystem of Venus Protocol provides a platform for its users to lend and borrow assets. The addition of USDe and sUSDe as collateral means that users of Venus across the DeFi space can access the same kinds of stablecoin-backed loans that DeFi users have been leveraging all year. Stablecoins have been even more popular recently, and their utility in the DeFi space keeps on growing. More DeFi projects are now using stablecoins as part of their treasury management. Hence, we might see more projects using the same pattern that Venus Protocol has been using to model different stablecoins.
Alongside Venus, Ethena has joined forces with Pendle.Fi, a protocol devised for the purpose of working with tokenized, yield-bearing assets. Pendle markets going live on BNB Chain gives users the opportunity to do what DeFi users do best: speculate on floating rates or lock in fixed rates. This is just another layer of flexibility, another tool in the arsenal of DeFi participants that Pendle is offering. Now, if you remember from the first episode, YT holders earn 30x Ethena rewards as well as sUSDe APY.
Future Prospects: Collateralization and Further Expansion
If we look further ahead, we see the potential for the Pendle protocol to boost the utility of Venus’s stablecoins in another way. The integration of Pendle’s Tokenized Yield (PT) products into Venus Protocol might still happen, and if it does, Venus would then have a reason to add Pendle STs and PTs as collateral for its loans. This would mean that borrowers could use Pendle’s assets—like USDe—against Pendle’s PTs and STs. (If these terms sound confusing, don’t worry; they’re explained in the next section.) Adding Pendle’s products as collateral would also mean more liquidity for users hoping to “leverage” their DeFi holdings.
Ethena’s appearance on BNB Chain marks a big step in extending its ecosystem, pulling in users from one of the largest and most vibrant blockchains in the space. By bringing access to some truly lucrative DeFi opportunities, to say nothing of the appearance of Ethena’s smart contracts, Ethena is trying to establish itself as a potent force in the DeFi space on BNB Chain. Further integration with other DeFi protocols and the expansion of its own offerings will make for an exciting next chapter in Ethena’s story.
Conclusion: A New Era for DeFi on BNB Chain
Introducing USDe and sUSDe on BNB Chain marks a momentous occasion not only for Ethena but also for the decentralized finance (DeFi) ecosystem. Ethena has taken yet another huge step in opening up access to the DeFi protocols on BNB Chain. Now, all of you can use Ethena on BNB Chain to easily and consentingly gain access to key DeFi protocols like PancakeSwap, Venus, and Pendle.
As the benefits and rewards of Ethena’s stablecoins in these DeFi settings become clear to an increasing number of users, they are likely to lead to a surge in stablecoin usage within Ethena’s and, by extension, the BNB Chain’s, DeFi landscape. This should position Ethena’s stablecoins comfortably within that DeFi landscape, with what seems to be almost guaranteed opportunities—not to mention the promise of rewards—that will involve Ethena’s stablecoins and the equally stable BNB.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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