Ethena Expands USDe and sUSDe Ecosystem to BNB Chain

• Ethena Labs brings USDe and sUSDe to BNB Chain for wider DeFi integration.
• Partnership with BlackRock and $100M funding boost Ethena’s institutional expansion.

Ethena Labs has once again stolen the spotlight with its latest move: bringing its USDe stablecoin and its staking version, sUSDe, to the BNB Chain network. The move allows USDe and sUSDe to be used directly on platforms like PancakeSwap, Venus Protocol, and Pendle—all of which are already familiar to market participants.

This integration allows users to exchange, borrow, and even earn yield on USDe and sUSDe over a network noted for its efficiency and scalability.

For example, on PancakeSwap, the USDe/USDT and sUSDe/USDe pairs are already active and incentivized with Ethena rewards, CAKE token emissions, and fee sharing from pool transactions. It feels like hanging out at a cafe that gives cashback every time you order a drink.

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

Ethena and BlackRock Build a Bridge Between TradFi and DeFi

On the other hand, CNF previously reported that Ethena Labs also strengthened its financial position by minting an additional $225 million worth of BUIDL tokens from BlackRock. With this addition, Ethena’s total BUIDL holdings now stand at $1.29 billion. It’s not just a number—it reflects growing trust and influence.

A few weeks earlier, BlackRock also announced a partnership with Ethena to build a new network called Converge. This partnership is to pave the way for individual and institutional users to access DeFi more easily, while connecting traditional assets to the crypto world. Think of it as building a direct road from Wall Street to the on-chain world.

ENA Token Gets a Boost as Ethena Gears Up for Bigger Moves

It doesn’t stop there; in February 2025, Ethena Labs also managed to secure $100 million in funding through the private sale of ENA tokens. These funds are said to be used to create new products targeting traditional financial institutions. This means that Ethena is not only playing in the retail arena, but is also starting to prepare ammunition for duels at the corporate level.

Seeing this increasingly mature strategy, the market seems quite enthusiastic. At the time of writing, the ENA token was trading at around $0.3217, up around 3.07% in the last 24 hours. While price fluctuations are common in the crypto world, project developments usually drive the movement north.

USDe and sUSDe: Why They Matter

USDe itself is a synthetic stablecoin that does not rely on traditional fiat reserves. Instead, Ethereum relies on a delta-neutral derivative position against staked Ethereum. So, USDe’s stability does not depend on a central bank or custodian institution. It’s like driving an electric car that doesn’t need to be refueled—more efficient and not dependent on legacy infrastructure.

Meanwhile, sUSDe allows users to earn yields from staking activities and spreads in the derivatives market. For users who like yield farming strategies or passive income, this is certainly an attraction in itself.