Ethena Expands USDe Backing with Equity-Perpetual Basis Trades

Ethena plans to introduce equity-perpetual basis trades to its USDe backing strategy, expanding into stock-linked derivatives markets. The rollout is still forthcoming, with partner exchange announcements and deployments expected in the coming weeks.

USDe's circulating supply was listed at approximately 4.063 billion tokens on Etherscan. The exact size of the equity allocation for USDe users remains unspecified, as do eligible contracts, partner exchanges, and risk parameters.

Ethena notes that volatile assets, including tokenized equities, are typically paired with corresponding short futures positions of similar notional size. This pairing offsets movements in the spot asset with movements in the hedge, according to Ethena's documentation.