Ethena Integrates Binance Tokenized Stocks to Back USDe

Ethena Labs has partnered with Binance to back its USDe synthetic dollar with tokenized U.S. equities, marking its first expansion into equity-based basis trades. Ethena will utilize Binance's bStocks as the spot leg of its position, hedged by shorting USDT-denominated equity perpetual futures. This move aims to diversify backing strategies as crypto-native funding rates have declined. bStocks are issued by a Binance affiliate, providing holders with an interest in the underlying shares.