Binance and Ethena Team Up to Bring Equity Perpetuals to DeFi

Ethena, a synthetic dollar protocol, has partnered with Binance to extend its delta-neutral basis trade strategy from crypto assets into equity perpetual futures. This move will introduce tokenized US equities as a new form of spot collateral backing USDe, Ethena's synthetic dollar.

The partnership allows Binance to serve as the initial venue for this strategy, with bStocks providing the tokenized spot collateral and Binance's USDT-denominated equity perpetual futures used to hedge corresponding positions. This arrangement follows the same delta-neutral structure Ethena has used for crypto assets, where the protocol holds spot exposure while taking corresponding short positions through perpetual futures to reduce directional market exposure.

The expansion significantly increases the potential collateral base supporting USDe, with the addressable market estimated to grow from approximately $2.5 trillion in crypto assets to more than $150 trillion in global equities.