Ethena expands USDe backing with tokenized US equities and equity perpetual futures

Ethena Labs announced that its USDe stablecoin will now incorporate tokenized U.S. equities and equity perpetual futures into its delta‑neutral basis trading strategy. The move shifts part of the backing model from a crypto‑only focus to include listed‑stock exposure.

How the new equity basis works

Ethena will use Binance’s bStocks as the tokenized spot collateral and take offsetting positions in Binance equity perpetual futures as the hedge. The spot position provides economic exposure to the underlying securities, while the perpetual contracts aim to neutralise price movements, allowing the protocol to capture the funding basis between the two markets.

Key market data

• Binance reports over $2.9 billion in open interest across equity perpetual futures.
• The equity basis has averaged an annualised 3.56 % over the past six months.
• Open interest in equity perpetuals grew at a compound monthly rate of 105 % in 2026.
• Binance bStocks reached roughly $610.6 million in value by August 2026, making them the second‑largest tokenised‑stock issuer tracked by Token Terminal.

Impact on USDe’s backing composition

Prior to the equity addition, USDe’s backing consisted of crypto basis trades (~$39 million, 1 % of the portfolio), DeFi lending (46 %), liquid stablecoins (35 %) and tokenised real‑world assets (11.2 %). Institutional lending accounted for about $310 million (6.9 %). The equity allocation introduces a new market for the basis strategy that originally underpinned USDe.

Broader context for tokenised equities

Tokenised stocks have grown rapidly in 2026, with the market expanding from roughly $80 million in early 2025 to about $2.7 billion, according to Token Terminal data. Binance’s bStocks, which include tokenised versions of Nvidia, Tesla, Circle, Micron and Sandisk, represent the largest share of this market.

Future outlook

Ethena’s Risk Committee has approved the framework for tokenised equity basis trades, and the protocol expects the equity perpetual market to eventually outsize the crypto perpetual market in terms of opportunity.