Ethena Expands USDe Basis Trade into Tokenized Stocks with Binance

Ethena has expanded its USDe basis trade strategy to include tokenized stocks through a partnership with Binance.

The move allows Ethena to use Binance's bStocks as spot collateral, hedged via USDT-denominated equity perpetuals trades on the platform.

Binance's equity basis has averaged more than 11% annualized over the past six months, according to Ethena.

The expansion of the USDe basis trade strategy is seen as a major shift in addressable collateral, with Ethena's founder Guy Young calling it the most significant expansion since the protocol's founding.