Ethena: USDe basis trade extends into equity perpetuals with bStocks collateral - 25 Sep 2026

Ethena extends the USDe basis trade into equities, using bStocks as tokenized spot collateral hedged with Binance USDT-denominated equity perpetuals in a delta-neutral structure. Allocations begin today, opening the synthetic dollar's yield engine to a stated $150T+ real-world asset market.By adding equity perpetuals alongside crypto funding rates, Ethena diversifies the sources of basis yield behind USDe. Tokenized bStocks act as spot collateral while short perpetual positions keep the structure delta neutral, so returns depend on funding spreads rather than directional price moves. For holders, the expansion brings added ADL-priority risk mitigation on Binance. The practical effect is materially larger and more diversified yield capacity for USDe, giving investors a new variable to reposition around as allocations go live.Ethena is partnering with 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…