Ethena Labs has begun backing its USDe synthetic dollar stablecoin with tokenized U.S. stocks on Binance, marking its first expansion into equities. The tokenized stocks, known as bStocks, serve as the spot collateral and are hedged by short positions in Binance's USDT-denominated equity perpetual futures, maintaining a delta-neutral strategy. This move aims to diversify USDe's funding sources as crypto funding rates have declined, while equity perpetuals still offer attractive yields despite recent narrowing. Ethena plans to extend this equity-backed structure to other venues, signaling a significant evolution in its stablecoin's reserve strategy and the growing integration of traditional assets with onchain finance.
Ethena's new backing of USDe with tokenized U.S. stocks on Binance is a notable development. For readers following the broader digital asset market, here is Pluang's market snapshot as of Sep 25, 2026 21:45 WIB: out of 50 major cryptocurrencies, 30 rose and 19 fell today. Among notable movers, LINK (Chainlink) rose 8.92% to Rp247.059 with a typical hold time of 63 days and Pluang order activity showing 60% sell and 40% buy, EOS (EOS.IO) increased 8.13% to Rp12.649 with a typical hold time of 87 days, while ETC (Ethereum Classic) declined 8.10% to Rp168.138 with a typical hold time of 67 days and 77% sell order activity.
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