رؤى رئيسية:
- Ethena crypto expands USDe backing into tokenized equities through Binance bStocks.
- ENA price rises as Ethena enters Binance equity perpetuals with its delta-neutral strategy.
- Binance equity perpetuals offer Ethena access to a growing market beyond crypto assets.
Ethena crypto is expanding its USDe backing strategy through Binance, using tokenized bStocks as spot collateral and equity perpetuals for hedging. The move comes as the ENA price jumps, with Ethena targeting a much larger market beyond crypto assets and expanding its basis trade.
Ethena Crypto Expands USDe Backing Through Binance
إيثينا الاحتيال في العملات الرقمية is taking its basis trade beyond digital assets through a new partnership with Binance. The move brings tokenized equities into the strategy supporting USDe. Under the agreement, Binance bStocks will act as tokenized spot collateral for the strategy. Ethena will then hedge that exposure through Binance USDT-denominated equity perpetuals.
The setup follows the same delta-neutral approach Ethena has used across crypto assets since USDe launched. The goal is to hold the underlying exposure while using derivatives to reduce directional risk.
إيثينا إن this move expands its potential collateral market from roughly $2.5 trillion in crypto assets. The company puts the real-world asset market at above $150 trillion. Binance has more than $2.9 billion in open interest across equity perpetual futures, according to figures provided by Ethena. The market has also been growing as trading in tokenized assets expands.
The partnership also gives eligible delta-neutral accounts, including Ethena, lower auto-deleveraging priority on Binance. Ethena described this as another risk measure for USDe holders.
Notably, Ethena’s Risk Committee had already approved a framework for adding tokenized equity-based trades. This allowed the project to shift its strategy to a broader set of assets.
ENA Price Rises as Equity Perpetual Market Grows
ENA price moved sharply higher following the announcement, with market data showing ENA trading around $0.2432. The token was up about 19.04% over 24 hours, according to the supplied data.
The rise comes as traders react to a major change in how Ethena crypto plans to generate returns for USDe. The project is now looking beyond crypto perpetual markets. Ethena said Binance equity-based trading averaged about 11% annualized during the previous six months.
Its figures also showed open interest growing by about 30% per month over the last three months. However, separate figures cited by The Block showed that Binance’s equity perpetual open interest was above $2.9 billion. Those figures also showed a much faster growth rate during 2026.
The broader numbers underscore why Ethena sees equities as a significant opportunity. The company expects equity perpetuals to eventually become much larger than the crypto perpetual market.
Ethena said it captured more than $15 billion in crypto perpetual opportunities during its previous cycle. The company now expects the equity market opportunity to go well beyond that figure. USDe supply currently stands near $4.9 billion, according to The Block data. Ethena is therefore expanding the strategy behind a sizeable synthetic dollar market.
Ethena Crypto Targets a Larger Tokenized Asset Market
The Ethena crypto is entering a market where traditional assets are increasingly being represented on blockchain networks. Binance launched trading for thousands of U.S.-listed stocks and ETFs for eligible users outside the United States in June.
The exchange introduced bStocks later that month. These assets represent interests in securities held by BTech Holdings Limited and can be converted into underlying securities, subject to applicable laws.
Binance has also seen strong activity in its TradFi perpetual futures market. Trading volume reached about $433.4 billion in August, according to figures previously reported by the media.
Equity-linked contracts accounted for roughly $342.9 billion of that volume. That activity gives Ethena access to a growing market while it tests the new backing strategy. Binance also previously added USDe across its platform, including its use as collateral for futures and perpetual trading.
For Ethena, the partnership creates another path for USDe backing while keeping its existing delta-neutral model. The ENA price reaction indicates that traders are closely watching the expansion.
نشر مقال Ethena Crypto Jumps 17% as USDe Expands Backing into Binance Equity Perpetuals أولاً على ذا كوين ريبابليك.
جلوري كابورو 
غودفري بنجامين 
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