Ethena Adds Tokenized Equities to USDe Strategy

Ethena has begun adding tokenized equities to the basis-trading strategy used to support its USDe synthetic dollar, pairing Binance bStocks with short positions in Binance equity perpetual futures, according to the company. The expansion moves a strategy previously centered on crypto assets into equity markets, though the reports do not specify how much backing will be allocated or provide realized performance results. Under the arrangement, bStocks provide tokenized spot exposure, while corresponding USDT-denominated perpetual futures are intended to hedge price movements. The strategy seeks to earn returns from the difference, or basis, between the spot and derivatives markets rather than relying primarily on whether the underlying stocks rise or fall. Ethena has used a similar delta-neutral structure with crypto assets. Ethena said allocations had begun and described Binance as the first venue supporting this equity-perpetual expansion. The strategy follows a framework previously approved by Ethena’s Risk Committee. Binance’s equity perpetual futures had more than $2.9 billion in open interest, according to figures attributed to Ethena.