Ethena expands USDe backing strategy into bStocks and equity perpetuals on Binance
Ethena said on Sept. 25 that it is beginning to allocate USDe backing into equity-basis trades on Binance, using tokenized U.S. stocks and matching equity perpetuals. Binance is the first exchange venue named for this strategy, and the pairings are described as bStocks spot collateral with USDT-denominated equity perpetual hedges. Open interest in Binance equity perpetual futures was described as above $2.9 billion.
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USDe holders notice a broader backing setup beginning on Sept. 25, with Ethena saying allocations start that day on Binance. The venue choice matters immediately to users because the strategy is being extended into tokenized U.S. stocks and equity perpetuals rather than staying limited to crypto assets.
Before this step, the backing strategy was described as a basis trade tied to crypto assets; now the setup includes Binance bStocks and equity perpetuals. What stays the same is that the trade still pairs a spot side with a short hedge, and the materials still describe that structure as delta-neutral.
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Has this happened before?
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