Binance and Ethena Team Up on Equity Perpetuals for USDe Collateral
Ethena has taken a significant step in diversifying its USDe collateral by tapping into tokenized equities via a partnership with Binance. The move pairs Binance's bStocks with equity perpetuals, creating a delta-neutral structure designed to capture funding income.
This expansion gives USDe exposure to a broader pool of potential collateral, estimated at $150 trillion in global real-world assets, compared to the $2.5 trillion in crypto markets. Ethena will use bStocks as the spot side while shorting Binance's USDT-denominated equity perpetuals.
The strategy mirrors the basis trade that Ethena has used across Bitcoin, Ether, and other crypto assets. Binance's equity perpetuals have offered stronger funding returns than major crypto markets recently, which could boost DeFi adoption and yield generation.