DeFi protocol Ethena (ENA) announced a partnership with Binance and began backing USDe with stocks on Friday, essentially buying the exchange\u2019s bStocks and shorting its matching equity perpetuals to earn the funding that leveraged longs pay.<\/p>\n
Ethena 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\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\u2019s equity basis has averaged about 11% annualized over the past six months, and that the exchange gives eligible delta-neutral accounts (Ethena\u2019s among them) lower priority in auto-deleveraging.<\/p>\n \u201cWe expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle,\u201d the company wrote.<\/p>\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\u2019s 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\u2019s 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>","protected":false},"excerpt":{"rendered":" DeFi protocol Ethena (ENA) announced a partnership with Binance and began backing USDe with stocks on Friday, essentially buying the exchange\u2019s bStocks and shorting its matching equity perpetuals to earn the funding that leveraged longs pay. Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-232363","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/232363"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=232363"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/232363\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=232363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=232363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=232363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ethena Seeks To Break Records In Crypto Perpetuals<\/h2>\n
Flagging bStock Terms<\/h2>\n