Ethena expands USDe backing with tokenized equities
7.2 Stablecoins Ethena diversifies USDe’s collateral by adding tokenized US equities and equity perpetuals via Binance, using a delta-neutral strategy to access broader markets beyond crypto.
Ethena has broadened its USDe stablecoin collateral strategy by integrating tokenized US equities and equity perpetual contracts through a partnership with Binance. This new approach leverages Binance bStocks as tokenized spot collateral and employs USDT-denominated equity perpetuals to hedge exposure, maintaining a delta-neutral structure similar to its existing crypto-based model. The initiative, approved by Ethena’s Risk Committee, marks the first application of the basis trade mechanism to listed US equities outside of crypto assets. Binance’s equity perpetual open interest has surpassed $2.9 billion in 2024, with a compound monthly growth rate of 105%. Reported annualized yields on equity basis trades have ranged from 3.56% to over 11% in the past six months. Ethena expects that the equity perpetual market opportunity will eventually exceed that of crypto perpetuals, tapping into a market valued at over $150 trillion. The first allocations for this strategy began on September 25, aiming to diversify USDe’s collateral and funding sources beyond the crypto sector.
