Ethena Taps Binance Equity Perpetuals to Diversify USDe Backing

Ethena has expanded USDe’s collateral strategy into tokenized equities through a partnership with Binance, targeting new yield opportunities beyond crypto markets. The move pairs Binance’s bStocks with equity perpetuals, creating a delta-neutral structure designed to capture funding income.

Expanding Beyond Crypto

Ethena will use bStocks as the spot side while shorting Binance’s USDT-denominated equity perpetuals. Consequently, the strategy mirrors the basis trade that Ethena has used across Bitcoin, Ether, and other crypto assets.

Besides, the expansion gives USDe exposure to a much broader pool of potential collateral. Ethena estimates global real-world assets exceed $150 trillion, compared with roughly $2.5 trillion across crypto.

Significantly, Binance’s equity perpetuals have offered stronger funding returns than major crypto markets recently. Ethena rep…

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