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DeFi protocol Ethena (ENA) announced a partnership with Binance and began backing USDe with stocks on Friday, essentially buying the exchange’s bStocks and shorting its matching equity perpetuals to earn the funding that leveraged longs pay.<\/p>\n
\nEthena is partnering with @Binance<\/a> as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.<\/p>\n
This expands the addressable market of underlying collateral from $2.5 trillion of\u2026 pic.twitter.com\/be4Mz7XHk1<\/a><\/p>\n
\u2014 Ethena (@ethena) September 25, 2026<\/a><\/p>\n<\/blockquote>\n
Ethena Seeks To Break Records In Crypto Perpetuals<\/h2>\n
It is the same hedged trade that has backed the $4.9 billion synthetic dollar with crypto since launch, and also the same structure that Ethena has run on Bitcoin (BTC), Ether (ETH), and Solana (SOL).<\/p>\n
In other words: hold the spot asset, short the perpetual, and collect the funding that leveraged longs pay. Here, the spot leg is a bStock, issued by Binance affiliate BTech Holdings Limited and backed one-for-one by custodied shares.<\/p>\n
Ethena said in its post on X that Binance’s equity basis has averaged about 11% annualized over the past six months, and that the exchange gives eligible delta-neutral accounts (Ethena’s among them) lower priority in auto-deleveraging.<\/p>\n
\n“We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle,” the company wrote.<\/p>\n<\/blockquote>\n
Flagging bStock Terms<\/h2>\n
The allocation follows a framework Kairos Research wrote<\/a> for the Ethena Risk Committee. A name qualifies on $25 million of perpetual open interest over 14 days, 30 days of funding history, and a matching tokenized stock on the same venue, among other conditions.<\/p>\n
Seventeen of Binance’s 67 pairs passed, Nvidia, Tesla, and SpaceX among them, on a venue holding $2.14 billion of the $2.9 billion measured across four exchanges.<\/p>\n
Across 37 earnings events, the underlying stocks gapped 9.9% on average while the hedged position moved 20.3 basis points. Carry on the approved Binance names had halved in a month to about 7%, with two names negative. The report made bStocks approval conditional on a side letter with the issuer, because holders have no proprietary interest in the backing shares and every bStock contract sits behind a single upgrade key.<\/p>\n
CryptoQuant data showed Binance handling<\/a> 76% of the $250 billion in equity perpetual volume traded in July, and its tokenized U.S. equities reached<\/a> $100 million in assets within two weeks of their June launch.\u00a0ENA traded at $0.24 on Friday, up 12% in 24 hours, per CoinGecko.<\/p>\n
USDe supply peaked at $14.8 billion on October 4, 2025, per DefiLlama. Ethena last widened the collateral this way when it added<\/a> Bitcoin to USDe’s backing in April 2024, with supply at $2 billion.<\/p>\n
The post Ethena Partners With Binance to Back USDe With a Tokenized Stock Basis Trade<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n