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Ethena Partners with Binance to Introduce Tokenized Stocks for USDe Strategy
Ethena has announced a significant expansion of its synthetic dollar strategy by partnering with Binance to incorporate tokenized U.S. stocks as collateral for its synthetic dollar, USDe. This move, approved by Ethena's Risk Committee on August 28, 2026, aims to tap into the global equities market, an area largely unexplored by decentralized finance (DeFi) protocols. Ethena's founder, Guy Young, described this development as the most important since the launch of USDe.
The new trading mechanism mirrors Ethena's existing crypto basis strategy but utilizes Binance's bStocks, which are tokenized representations of U.S. equities, as collateral. Ethena will short corresponding equity perpetual futures to neutralize market exposure, allowing it to collect funding rates from leveraged positions. With Binance's equity perpetual open interest exceeding $2.9 billion, this partnership is positioned to leverage favorable funding dynamics that historically yield higher returns compared to Bitcoin strategies.
Young emphasized the advantages of entering the equities market, noting that it is significantly larger than the crypto market. The funding rates from equity perpetuals could be approximately five times higher than those from Bitcoin basis trades, with the average equity basis over the past six months recorded at 3.56%. This diversification of collateral backing USDe is expected to provide a buffer against volatility in the crypto markets, as equity perpetuals do not always move in tandem with cryptocurrencies.
Source: KLEA News