Ethena Starts Backing USDe With Tokenized Stocks on Binance, Its First Equity Basis Venue
Ethena will use Binance bStocks and equity perpetual futures to diversify USDe backing, as the stablecoin tops $4.9 billion in circulation, the company said.
- On Friday, September 25, 2026, Ethena Labs announced it is expanding its USDe backing strategy by using tokenized U.S. equities on Binance, marking the protocol's first equity-based venue for its delta-neutral basis trade.
- Thinning income in crypto markets prompted Ethena to diversify, as bitcoin funding rates averaged 2.2% this year through August 11, making traditional asset-backed products more attractive for yield.
- Under the new strategy, Ethena holds Binance's bStocks—issued by BTech Holdings Limited—as spot collateral while hedging with short positions in equity perpetual futures, creating a delta-neutral position.
- Shunyet Jan, Binance's head of exchange and trading, called the move a "clear sign of how the convergence of crypto and traditional assets will surface new opportunities," with equity perpetual open interest topping $2.9 billion.
- Ethena founder Guy Young said the protocol sees a "substantial opportunity to continue diversifying our backing strategy" as it plans to bring this equity structure to more venues under a Risk Committee-approved framework.
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Cryptocurrency News | Cryptocurrency Prices | Market CapEthena takes USDe basis trade into tokenized US equities
Ethena has added tokenized U.S. equities and equity perpetual futures to the basis trading strategy used for part of USDe’s backing, taking a funding model previously centered on crypto markets into listed stocks. According to a statement shared with crypto.media,…
Ethena (ENA) is taking a new step with Binance, as the protocol now assigns part of its USDe stablecoin to US shares to tokenized, covered by derivative contracts. This extension comes almost a year after the crash of October 2025, when the USDe had lost its parity with the dollar on Binance. The article Ethena (ENA) relies on Binance's tokenized shares for its USDe stablecoin appeared first on Cryptoast.
Ethena USDe Expands Into Tokenized Stocks, Binance Goes First ETHNews
Ethena started running USDe’s basis trade on tokenized U.S. stocks, with Binance as the first venue. The position pairs Binance bStocks with short equity perpetuals. Equity perpetual funding has paid far more than Bitcoin funding in 2026 and moves independently of it. Weekend pricing gaps, the bStocks issuer structure and falling funding rates are the […]
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