Ethena Moves USDe Basis Trade Into Tokenized U.S. Stocks With Binance

Overview

• Ethena announced Friday that it has begun allocating USDe collateral to tokenized U.S. equities (Binance bStocks) and hedging those positions with USDT‑denominated equity perpetuals on Binance after Risk Committee approval.
• The firm will run a delta‑neutral basis trade that holds long bStocks and shorts equity perpetuals to capture funding‑rate yield while avoiding directional price exposure.
• Binance agreed to lower auto‑deleverage priority for Ethena’s delta‑neutral accounts to reduce the chance of forced closures, which shifts some risk management onto the exchange.
• Published short‑term yield figures differ sharply: Ethena cited an equity basis averaging more than 11% annualized over six months, while other reporting put the six‑month figure near 3.56%, so near‑term returns remain uncertain.
• The move widens Ethena’s claimed collateral pool from crypto into a much larger on‑chain equity market but also raises new counterparty, liquidity, and execution risks that will determine how much yield the strategy actually delivers.