Crypto
Ethena Expands USDe Backing Strategy to Tokenized U.S. Equities
Ethena is taking its USDe backing strategy to new heights by incorporating tokenized U.S. equities into the mix.
The company plans to utilize Binance's bStocks as spot exposure, while hedging market risk through equity perpetual futures.
This move marks a significant expansion of USDe's backing model beyond crypto-native basis trades and introduces new risks related to equity markets and venues.
Ethena's delta-neutral structure has historically supported USDe, balancing long and short exposure. Tokenized equities now provide a new pool of potential spot collateral.