Ethena, a synthetic dollar protocol, has partnered with Binance, a top crypto exchange. The collaboration is meant to extend its delta-neutral basis trade strategy from crypto assets into equity perpetual futures. The move will introduce tokenized US equities as a new form of spot collateral backing USDe, Ethena’s synthetic dollar. Ethena has announced the news officially via its X account. bStocks has also confirmed the partnership.

Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting 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

Under this exclusive partnership, Binance will serve as the initial venue for this strategy. bStocks, Binance’s tokenized US equities platform, will provide the tokenized spot collateral. Binance’s USDT-denominated equity perpetual futures will be used to hedge the corresponding positions.

Ethena Extends USDe Basis Trade to Equity Markets

The new strategy follows the same delta-neutral structure Ethena has used for crypto assets. The protocol holds spot exposure while taking corresponding short positions through perpetual futures to reduce directional market exposure. With this arrangement, tokenized equities will serve as the spot side of the strategy, while equity perpetual futures will provide the hedge.

Ethena said the move significantly expands the potential collateral base supporting $USDe. The protocol estimates that the addressable market could grow from approximately $2.5 trillion in crypto assets to more than $150 trillion in global equities.

The expansion comes as tokenized versions of traditional financial assets become more widely available on blockchain networks. Ethena can potentially use this infrastructure to access funding opportunities associated with equity perpetual markets.

Binance Equity Perpetuals Gain Role in USDe Strategy

According to Ethena, Binance’s equity basis has generated an average annualized rate above 11% over the past six months. Open interest in the exchange’s equity perpetuals has also increased by approximately 30% per month. Binance currently has more than $2.9 billion in equity perpetual open interest.

Ethena expects equity perpetual markets to eventually become larger than crypto perpetual markets. By incorporating tokenized equities into its basis strategy, Ethena is expanding USDe’s underlying collateral sources beyond digital assets.

Overall, the partnership highlights the growing connection between tokenized real-world assets (RWA) and decentralized finance (DeFi).