Ethena Bolsters USDe Basis Trade with Binance-Backed Tokenized Equities

Ethena has expanded its USDe basis trade into tokenized equities on Binance's platform, marking one of the most significant changes to the protocol's backing mechanics since launch.

The expansion incorporates bStocks as spot collateral and equity perpetual futures as hedging instruments. This is a major shift from Ethena's previous delta-neutral strategy, which operated exclusively on crypto assets using derivatives positions as hedges.

Ethena Labs' founder Guy Young estimates that the equities perpetual market will surpass the crypto market as more assets migrate on-chain. Binance holds over $2.9 billion in open interest in equity perpetual futures, with a compound monthly growth rate of 105% throughout 2026.