Ethena Teams with Binance on Tokenized Equity Trades for USDe

Ethena has expanded its USDe backing strategy to include tokenized equity markets through a partnership with Binance. This move allows for stocks to be added as collateral, alongside Bitcoin (BTC), Ether (ETH), and Solana (SOL).

The structure pairs Binance's bStocks, tokens backed one-for-one by custodied shares, with short positions in matching equity perpetual contracts. This design captures funding payments from leveraged long positions while limiting exposure to changes in the underlying stock price.

Binance's equity basis averaged around 11% annualized over the past six months, according to Ethena. Seventeen of Binance's 67 equity perpetual pairs met the selection framework, including Nvidia, Tesla, and SpaceX.