Ethena Integrates Tokenized Stocks as Collateral for USDe on Binance

Ethena has expanded its delta-neutral strategy for the synthetic dollar USDe to include tokenized U.S. stocks, with Binance serving as the first exchange partner. The protocol will utilize bStocks issued by BTech Holdings as spot collateral, hedged with USDT-denominated perpetual stock futures. Ethena founder Guy Young described this as the most significant funding mechanism upgrade since the protocol's inception. Currently, the circulating supply of USDe stands at approximately $4.9 billion, with the new strategy leveraging a six-month annualized basis yield of 3.56% observed on Binance's stock perpetual contracts.