Ethena Crypto Expands USDe Backing Through Binance Equity Perpetuals

Ethena Crypto has expanded its USDe backing strategy through Binance, using tokenized bStocks as spot collateral and equity perpetuals for hedging.

This move comes as the ENA price jumps, with Ethena targeting a much larger market beyond crypto assets and expanding its basis trade.

The partnership between Ethena and Binance brings tokenized equities into the strategy supporting USDe. Under the agreement, Binance bStocks will act as tokenized spot collateral for the strategy, while Ethena hedges that exposure through Binance USDT-denominated equity perpetuals.

This setup follows the same delta-neutral approach Ethena has used across crypto assets since USDe launched, with the goal of holding the underlying exposure while using derivatives to reduce directional risk.