Ethena partners with Binance to back USDe with tokenized stocks

Ethena is partnering with Binance to back its USDe stablecoin with tokenized stocks as spot collateral, hedging the positions with equity perpetual futures. Binance's bStocks will serve as the tokenized backing assets, extending the same delta-neutral basis-trade structure Ethena uses in crypto markets to tokenized U.S. equities and other real-world assets.

The move broadens USDe's collateral beyond crypto into equities, pairing spot tokenized shares with short equity-perp positions to capture funding. No allocation sizes, asset list or launch timeline were disclosed in the announcement.