Ethena has partnered with Binance to integrate tokenized U.S. stocks into its synthetic dollar USDe strategy. The protocol will use Binance's bStocks as collateral while shorting corresponding equity perpetual futures to maintain a delta-neutral position.
The Risk Committee of Ethena formally approved the framework for these trades on August 28, 2026. According to founder Guy Young, this represents the most significant expansion for the protocol since the launch of USDe.
The strategy aims to capitalize on funding rates from equity perpetuals, which are estimated to be approximately five times higher than those from Bitcoin basis trades. Data shows the average equity basis over the last six months was 3.56%.
Open interest in Binance's equity perpetuals has surpassed $2.9 billion. By incorporating equity market dynamics, Ethena intends to diversify the collateral backing USDe and provide a buffer against negative funding rates in crypto markets.
