Ethena adds equity perpetual futures to USDe backing mix
DeFi & Yields ·
The stablecoin issuer is broadening the collateral base behind USDe to capture yield from equity-linked derivatives markets.
Ethena has moved to widen the assets that back its USDe stablecoin, adding equity perpetual futures alongside its existing crypto derivatives exposure. In a post outlining the change, the protocol pointed to $6B in open interest across equity perpetuals and funding rates running between 15-20% as the rationale for the expansion.
The move builds on the same delta-neutral structure Ethena has used since launch: rather than holding spot assets outright, USDe backing is generated by pairing collateral with short derivative positions to capture funding payments. Applying that model to equity perpetuals gives the protocol a new source of yield beyond its existing crypto-denominated basis trades, with the cited funding-rate range suggesting materially higher carry than typical crypto perp markets currently offer.
Open interest, the metric Ethena leaned on to justify the shift, reflects the total value of live, unsettled derivative contracts in a market. Rising open interest is generally read as fresh capital entering a market, since it only grows when a new long is matched with a new short; it is distinct from trading volume, which can rise even when open interest is flat if existing positions simply change hands. A $6B open interest figure in equity perpetuals signals a market large enough for Ethena to plausibly source meaningful funding-rate yield without excessive concentration risk.
The expansion is part of a broader push described in the wider cluster, in which Ethena is said to be extending USDe backing into equity perpetual basis trades while also lining up new partner exchanges and additional deployments. That suggests the equity perpetual integration is not a standalone product tweak but one piece of a larger diversification effort for USDe's backing composition.
What remains unspecified is which exchanges or venues will host these equity perpetual positions, how much of USDe's total backing will shift toward this new collateral type, and whether the 15-20% funding rates cited are sustained figures or a snapshot from favorable market conditions. The identities of the new partner exchanges referenced in the broader expansion plan have also not yet been disclosed.