ENA Price Soars 12% as Ethena Expands Basis Trade into Tokenized US Equities

Ethena (ENA) has expanded its basis trade backing USDe, the stablecoin it issues. The expansion allows the protocol to use tokenized US equities as collateral, paired with equity perpetual futures as a hedge.

The change follows approval from Ethena's Risk Committee and is the largest expansion of USDe's funding mechanism since launch, according to founder Guy Young. Binance bStocks will serve as spot collateral for this new trade, providing holders with exposure to shares like Nvidia and Tesla without direct ownership.

ENA price reacted quickly to the news, rising 12% in 24 hours to around $0.249. The token's chart setup is also bullish, according to analyst Lana Valentis, who notes that ENA is consolidating above a broken bullish flag on the daily timeframe with targets at $0.26, $0.36, $0.55, and $0.84.

Binance has built out its equity products in 2026, opening access to more than 7,000 US stocks and ETFs in June, followed by bStocks that same month. The exchange's TradFi perpetual futures generated $433.4 billion in volume during August, with equity linked contracts making up roughly $342.9 billion of that total.