Binance Teams Up with Ethena for Equity Perpetual Expansion

Ethena has partnered with Binance to expand its basis-trading strategy into equity perpetuals, marking a significant shift for the protocol. The partnership allows Binance's tokenized bStocks to be used as spot collateral for Ethena's basis trade, which previously focused on crypto assets.

The move is seen as an expansion of the collateral base available to Ethena, with the potential to tap into a much larger pool of real-world assets. According to BSCN, equity perpetual markets have grown to nearly $6 billion in open interest across about 200 contracts, while the underlying asset base exceeds $150 trillion compared to roughly $2.5 trillion for crypto.

Binance becomes the first venue to support Ethena's expansion into equity perpetuals, with its bStocks serving as tokenized spot collateral. The partnership increases the addressable market for the underlying collateral from $2.5 trillion of crypto to more than $150 trillion of real-world assets.