Ethena Looks Beyond Crypto to Support USDe

Ethena said its Binance-linked tokenized-equity basis trade could enable USDe rewards. The useful question for holders is whether three separate markets can remain aligned closely enough for the hedge to work.

Ethena is partnering with @Binance 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.

This expands the addressable market of underlying collateral from $2.5 trillion of… pic.twitter.com/be4Mz7XHk1

— Ethena (@ethena) September 25, 2026

Three prices must line up

The planned position is a basis trade: it combines stock-linked exposure with an offsetting derivative position. Ethena would hold a tokenized equity on one side and short a related equity perpetual, a derivative contract without a fixed expiry, on the other.

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