Ethena partnered with Binance as the first venue for extending the USDe basis trade into equity perpetuals, with allocations starting today.
The structure mirrors what Ethena has run on crypto since launch. Binance bStocks, tokenized stocks issued by BTech Holdings that can be converted into the underlying shares on Binance, serve as spot collateral, hedged with Binance USDT-denominated equity perpetuals to keep the position delta-neutral. Binance also gives eligible delta-neutral accounts, including Ethena's, lower auto-deleveraging (ADL) priority, an extra layer of protection for USDe holders. Founder Guy Young called it "the most significant expansion of USDe's funding mechanism since we started."
Ethena says the move grows USDe's addressable collateral from $2.5T in crypto to over $150T in real-world assets. Binance equity perps already hold about $2.9B in open interest, and Ethena expects the opportunity to far exceed the $15B+ of crypto perps it captured last cycle.
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