Ethena Expands USDe Strategy into Tokenized Equities and Equity Perps on Binance

Ethena is expanding its USDe backing strategy into bStocks and equity perpetual futures on Binance, allowing it to tokenize U.S. equities and hedge with derivatives positions.

This move extends Ethena's delta-neutral strategy across crypto assets, which previously relied on derivatives to manage exposure. The firm has approved a framework for adding tokenized equity basis trades to its allocation strategy.

bStocks represent an interest in securities held by BTech Holdings Limited and can be converted to the underlying securities on Binance. Ethena expects the equity perpetual opportunity to significantly exceed the crypto perpetual market, with over $2.9 billion in open interest across equity perpetual futures on Binance.

Binance added USDe across its platform last year, including as collateral for futures and perpetuals trading. The firm's TradFi perpetual futures generated about $433.4 billion in volume in August, with equity-linked contracts accounting for roughly $342.9 billion.