TLDR:Ethena’s USDe basis trade now covers tokenized stocks, expanding collateral scope with Binance.Binance bStocks serve as spot collateral, hedged via USDT-denominated equity perpetuals trades.Binance’s equity basis averaged 11%+ annualized yield over the past six months, Ethena said.Ethena eyes a market over $150 trillion, dwarfing crypto’s $15 billion perpetuals opportunity.Ethena has launched a new phase of its USDe basis-trade strategy today, expanding into tokenized equities through a partnership with Binance. Binance becomes the first venue to support this equity-perpetuals expansion. Allocations began today, according to an announcement from Ethena.The move extends USDe’s delta-neutral collateral strategy beyond crypto assets. Binance bStocks will act as tokenized spot collateral. Ethena will hedge that exposure using USDT-denominated equity perpetuals on Binance, the same structural approach it has used with crypto assets since launch.How Does the New USDe Basis Trade Mechanism Work?The strategy pairs long spot exposure in tokenized stocks with short positions in equity perpetuals. This delta-neutral setup lets Ethena earn funding-rate yield without taking directional price risk. It is the same mechanism USDe already applies across crypto-native collateral.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, 2026Binance is also offering Ethena’s delta-neutral accounts lower auto-deleveraging (ADL) priority. That reduces the risk of forced position closures during volatile markets, adding a layer of protection for USDe holders exposed to this collateral.According to Ethena, Binance’s equity basis has averaged more than 11% annualized over the past six months. Open interest in that market has grown roughly 30% per month over the last three months, the firm said.Why This Expansion Matters for USDe HoldersEthena frames the move as a major shift in addressable collateral. The firm said the expansion widens its potential collateral base from $2.5 trillion in crypto assets to more than $150 trillion in real-world assets.Ethena Labs founder Guy Young called it the most significant expansion of USDe’s funding mechanism since the protocol’s founding. He noted that equities trade in the hundreds of trillions of dollars globally, and that as more of that market moves onchain, Ethena sees room to keep diversifying its backing strategy.Ethena previously captured more than $15 billion of crypto perpetuals market share during its last growth cycle. The firm expects the equity perpetuals opportunity to exceed that figure, given the far larger size of global equity markets compared with crypto derivatives.For USDe holders, the expansion means the stablecoin’s yield generation no longer depends solely on crypto funding rates. Tying yield to equity basis trades introduces a new, less crypto-correlated income stream. It also ties USDe’s stability more directly to Binance’s equity perpetuals infrastructure and risk controls.The post Ethena Expands USDe Basis Strategy Into Tokenized Stocks With Binance appeared first on Blockonomi.