Ethena Partners With Binance to Back USDe With Tokenized Stock Basis Trades

DeFi protocol Ethena (ENA) has partnered with Binance to back its USDe stablecoin using tokenized stocks (bStocks). The strategy involves a basis trade where Ethena holds the spot asset and shorts the corresponding equity perpetual futures to capture funding rates. This expansion allows Ethena to utilize equity perpetuals, with the company noting that Binance's equity basis has averaged approximately 11% annualized over the last six months. The initiative follows a risk framework that includes assets like Nvidia, Tesla, and SpaceX.