Ethena said on September 25 that Binance will be the first venue used to extend USDe’s delta-neutral basis-trade strategy into equities, using Binance bStocks as tokenized spot collateral and short positions in matching USDT-denominated equity perpetuals to hedge price exposure.
USDe’s first equity basis-trade venue is Binance
Ethena described Binance as the first venue for the equity extension of USDe’s basis trade in its announcement.
The trade holds tokenized equity exposure and sells a corresponding perpetual futures contract to hedge against directional moves in the underlying share price. Binance provides both legs on one venue: tokenized stock exposure and USDT-settled derivatives tied to equities.
Previously, Ethena’s Risk Committee approved a framework for incorporating tokenized-equity basis trades into USDe’s allocation strategy, according to The Block. The framework positions equities as an additional potential source of basis-trade exposure, not a replacement for USDe’s existing strategy.
How bStocks and USDT equity perpetuals form the hedge
Under the announced structure, bStocks provide the spot side of the position and matching equity perpetuals provide the short hedge. A rise or fall in the referenced share price is therefore intended to be offset between the long tokenized-equity holding and the short derivatives position, while the trade seeks to capture the basis between them.
Binance launched bStocks on June 11, 2026. The exchange says each token is backed 1:1 by an underlying share held with a regulated custodian, and that bStocks can be converted into the underlying equity around the clock, subject to product and jurisdictional restrictions.
The ownership and conversion structure is relevant to Ethena’s use of the assets as collateral. The Block reported that bStocks represent interests in securities held by BTech Holdings Limited and may be converted into the underlying securities where applicable laws permit. Those terms mean the tokenized exposure is not presented simply as an unconstrained substitute for direct share ownership across every jurisdiction.
Ethena did not disclose an allocation size or identify particular equities in its announcement. The company’s stated significance is the venue choice and the addition of tokenized-equity basis trades to the set of strategies available for USDe backing.
Article image accompanying The Block’s report on Ethena’s expansion of USDe’s basis trade into Binance bStocks and equity perpetuals. — Source: The Block
Binance’s market depth behind the allocation
Ethena selected Binance as the first venue for extending its strategy into equities, against a derivatives market with more than $2.9 billion in open interest across equity perpetual futures, according to figures supplied by Ethena. The Block reported that open interest grew at a 105% compound monthly rate during 2026.
Binance also reported more than $565.9 million in outstanding bStocks tokenized-equity value by the end of July and said the product crossed $500 million in assets under management less than seven weeks after launch in an August update.
The figures provide context for the venue choice but do not show the depth of every individual contract or how much capacity Ethena will use, and the bStocks growth data predates the September announcement. Binance says the tokens are backed 1:1 by shares held with a regulated custodian and can be converted into the underlying equities 24/7, subject to applicable product and jurisdictional limits.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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