Ethena expands USDe stablecoin's basis-trade strategy into tokenized equities via Binance, using bStocks as collateral hedged through equity perpetuals.
DeFi & Yields ·
Ethena announced a partnership with Binance to collateralize its USDe stablecoin using tokenized stocks through a basis trade structure involving bStocks and equity perpetuals. The initiative targets a market opportunity exceeding $15 billion for equity perpetuals, expanding USDe's collateral backing beyond its existing $4.9 billion in crypto-backed supply. ENA token gained 12% to reach $0.24 following the announcement, as Ethena applies its established delta-neutral hedging model—previously deployed across Bitcoin, Ether, and Solana—to equities for the first time.