DeFi protocol Ethena (ENA) introduced a partnership with Binance and started backing USDe with shares on Friday, primarily shopping for the alternate’s bStocks and shorting its matching fairness perpetuals to earn the funding that leveraged longs pay.
Ethena is partnering with @Binance as our first venue for the extension of the idea commerce into fairness perpetuals, one of the crucial thrilling updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of… pic.twitter.com/be4Mz7XHk1
— Ethena (@ethena) September 25, 2026
Ethena Seeks To Break Data In Crypto Perpetuals
It’s the similar hedged commerce that has backed the $4.9 billion artificial greenback with crypto since launch, and in addition the identical construction that Ethena has run on Bitcoin (BTC), Ether (ETH), and Solana (SOL).
In different phrases: maintain the spot asset, quick the perpetual, and gather the funding that leveraged longs pay. Right here, the spot leg is a bStock, issued by Binance affiliate BTech Holdings Restricted and backed one-for-one by custodied shares.
Ethena stated in its publish on X that Binance’s fairness foundation has averaged about 11% annualized over the previous six months, and that the alternate provides eligible delta-neutral accounts (Ethena’s amongst them) decrease precedence in auto-deleveraging.
“We anticipate the market alternative measurement for fairness perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena final cycle,” the corporate wrote.
Flagging bStock Phrases
The allocation follows a framework Kairos Analysis wrote for the Ethena Threat Committee. A reputation qualifies on $25 million of perpetual open curiosity over 14 days, 30 days of funding historical past, and an identical tokenized inventory on the identical venue, amongst different situations.
Seventeen of Binance’s 67 pairs handed, Nvidia, Tesla, and SpaceX amongst them, on a venue holding $2.14 billion of the $2.9 billion measured throughout 4 exchanges.
Throughout 37 earnings occasions, the underlying shares gapped 9.9% on common whereas the hedged place moved 20.3 foundation factors. Keep on the permitted Binance names had halved in a month to about 7%, with two names destructive. The report made bStocks approval conditional on a facet letter with the issuer, as a result of holders don’t have any proprietary curiosity within the backing shares and each bStock contract sits behind a single improve key.
CryptoQuant information confirmed Binance dealing with 76% of the $250 billion in fairness perpetual quantity traded in July, and its tokenized U.S. equities reached $100 million in belongings inside two weeks of their June launch. ENA traded at $0.24 on Friday, up 12% in 24 hours, per CoinGecko.
USDe provide peaked at $14.8 billion on October 4, 2025, per DefiLlama. Ethena final widened the collateral this fashion when it added Bitcoin to USDe’s backing in April 2024, with provide at $2 billion.
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