Ethena is expanding the basis trade behind USDe into equities, using Binance's bStocks as tokenized spot collateral and Binance equity perpetuals to hedge the position.
Binance's equity perps carry over $2.9B in open interest, growing at a 105% compound monthly rate this year, with the equity basis averaging 3.56% annualized over the past 6 months.
Ethena founder Guy Young called it "the most significant expansion of USDe's funding mechanism since we started."
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