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FollowingEthena expands USDe basis trading to tokenized stocks and cooperates with Binance to broaden the scope of collateral
Core points:
- Ethena's USDe basis trading strategy now covers tokenized stocks, further expanding the scope of collateral through its cooperation with Binance.
- Binance bStocks is used as spot collateral and is hedged through USDT-denominated equity perpetual contract transactions.
- Ethena said Binance's stock basis annualized returns have averaged more than 11% over the past six months.
- Ethena is targeting a market size of more than US$150 trillion, far exceeding the US$15 billion perpetual contract opportunities in the cryptocurrency space.
Strategy Expansion and Mechanism Analysis
Etha today launched a new phase of its USDe basis trading strategy, entering the tokenized stocks space through a partnership with Binance. Binance became the first trading platform to support this equity perpetual contract extension. According to Ethena's announcement, the assignment began today.
This move marks the expansion of USDe's Delta collateral-neutral strategy from crypto assets to a wider field. Binance bStocks will be used as tokenized spot collateral. Ethena will continue to adopt the same structural approach it has used in crypto assets since its launch, which is to hedge exposure through USDT-denominated equity perpetual contracts on Binance.
How does the new USDe basis trading mechanism work?
该策略通过将代币化股票的长期现货敞口与股票永续合约的空头头寸相结合来实现。这种 Delta 中性的设置使 Ethena 能够在不承担方向性价格风险的情况下赚取资金费率收益。这正是 USDe 目前在加密原生抵押品上应用的核心机制。
Ethena 表示，此次与 Binance 的合作是将其基差交易延伸至股票永续合约的第一步，也是自协议启动以来 USDe 抵押品支持方面最令人兴奋的重大更新之一。这将其底层可触及的抵押品市场范围从 2.5 万亿美元的加密资产扩展到了更广阔的领域。
风险控制与市场数据
此外，Binance 还为 Ethena 的 Delta 中性账户提供了更低的自动减仓（ADL）优先级。这降低了在市场剧烈波动期间强制平仓的风险，为持有此类抵押品的 USDe 持有人增加了一层保护。
Ethena 指出，在过去六个月中，Binance 的股票基差年化收益率平均超过 11%。该公司称，在过去三个月里，该市场的未平仓合约量每月增长约 30%。
为何此次扩展对 USDe 持有者至关重要？
Ethena 将此举措视为可触及抵押品范围的重大转变。公司表示，这次扩展将其潜在抵押品基础从 2.5 万亿美元的加密资产扩大到了超过 150 万亿美元的现实世界资产（RWA）。
Ethena Labs 创始人 Guy Young 称这是自协议成立以来 USDe 融资机制最重大的扩展。他指出，全球股票交易规模达到数万亿美元级别，随着更多市场向链上迁移，Ethena 看到了继续多样化其支持策略的空间。
Ethena 此前在其上一个增长周期中占据了超过 150 亿美元的加密永续合约市场份额。鉴于全球股票市场与加密货币衍生品市场在规模上的巨大差异，公司预计股票永续合约带来的机会将超越这一数字。
对于 USDe 持有者而言，此次扩展意味着稳定币的收益生成不再完全依赖加密资金费率。将收益与股票基差交易挂钩引入了一种新的、与加密市场相关性较低的收入来源。同时，这也使 USDe 的稳定性更直接地与 Binance 的股票永续合约基础设施及风控措施绑定在一起。
