Ethena Integrates Tokenized Stocks into USDe Basis Trade Strategy

Ethena has expanded its USDe backing strategy to include Binance's tokenized stocks (bStocks). The protocol executes a delta-neutral basis trade by holding tokenized stock spot positions while shorting corresponding equity perpetual futures to capture funding rates. This move aims to diversify yield sources beyond crypto-native assets, reducing reliance on BTC and ETH funding cycles. With Binance equity perpetual open interest exceeding $2.9 billion, Ethena seeks to leverage the growing liquidity in tokenized stock markets while managing risks associated with market closures and counterparty exposure.