Ethena's USDe Expansion Sparks 19% Price Surge

Ethena's ENA token surged by nearly 19% in 24 hours after the company announced its partnership with Binance to expand the collateral backing for its USDe stablecoin. The new strategy involves using bStocks as spot collateral and hedging positions with Binance's USDT-denominated equity perpetuals.

The move allows Ethena to access a market worth more than $150 trillion in real-world assets, significantly increasing the addressable market beyond crypto assets valued at around $2.5 trillion. Binance already has over $2.9 billion in open interest across its equity perpetual futures.

Analyst Crypto Patel sees ENA as up 292% from his accumulation zone and targets prices of $3 or more, with the next target being $0.25. A trader opened a 15x leveraged long position on Aster DEX worth around $592,000, showing a profit of about $310,700.