Ethena Extends USDe Basis Trade into Tokenized Stocks on Binance

Ethena has extended its USDe basis trade strategy into equities by utilizing Binance's tokenized stocks and equity perpetuals. The company selected Binance as the first venue for this extension, citing the exchange's market depth with over $2.9 billion in open interest across equity perpetual futures.

According to Ethena, bStocks will provide the spot side of the position, while matching USDT-denominated equity perpetuals will serve as the short hedge. This structure aims to capture the basis between tokenized-equity holdings and derivatives positions.

Binance's launch of bStocks on June 11, 2026, facilitated this development. Each token is backed 1:1 by an underlying share held with a regulated custodian, and can be converted into the underlying equity around the clock, subject to product and jurisdictional restrictions.