# Ethena Expands USDe Backing to Binance Tokenized Equity Trades

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/24201
Published: 2026-09-25T15:37:19.000Z
Updated: 2026-09-25T15:37:19.000Z
Section: Business

> The partnership adds Binance bStocks and matching equity perpetuals to USDe’s yield strategy, extending it beyond crypto assets.

Ethena announced Friday that Binance will become the first venue for extending USDe’s backing strategy into tokenized equity markets, adding stocks to the assets supporting the synthetic dollar.

The structure pairs Binance bStocks—tokens backed one-for-one by custodied shares—with short positions in matching equity perpetual contracts. The hedged trade is designed to capture funding payments from leveraged long positions while limiting exposure to changes in the underlying stock price.

Ethena said Binance’s equity basis averaged about 11% annualized over the past six months. Seventeen of the exchange’s 67 equity perpetual pairs met the selection framework, including Nvidia, Tesla and SpaceX.

The framework requires at least $25 million in perpetual open interest over 14 days, 30 days of funding history and a matching tokenized stock on the same venue. Ethena’s existing USDe strategy has used the same spot-and-short structure with Bitcoin (BTC), Ether (ETH) and Solana (SOL).

The move broadens USDe’s collateral strategy beyond crypto markets. Binance launched its tokenized U.S. equity products in June, and those products reached $100 million in assets within two weeks.