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FollowingEthena 与 Binance 合作，将基差交易策略扩展至股票市场
Ethena 正与 Binance 展开合作，旨在将其基差交易策略从加密资产领域延伸至股票市场，并选择 Binance 作为此次扩张的首个平台。这一举措将使 Ethena 能够使用代币化股票（即 bStocks）作为现货抵押品，同时通过 Binance 以 USDT 计价的股票永续合约来对冲价格风险。
此次扩张增加了可能支持 USDe（Ethena 的合成美元）的资产范围。Ethena 表示，资金分配将立即开始，公司瞄准的是其估计规模超过 150 万亿美元的现实世界资产市场，而此前支撑该策略的加密资产规模约为 2.5 万亿美元。此外，Binance 还将为符合条件的中性 delta 账户（包括 Ethena 的账户）在自动去杠杆系统中提供更低的优先级。
USDe 的构建是否围绕基差交易？
Ethena 的模型建立在持有资产的同时，在期货或永续合约中建立反向空头头寸的基础上。这两种头寸的设计目的是在很大程度上抵消价格波动的影响，从而使协议能够从现货市场与期货市场之间的价差，或从资金费率支付中获利。
自 2024 年 2 月推出以来，这种模式一直是 USDe 的核心。Ethena 表示，USDe 的最高峰值曾超过 150 亿美元，并在主要市场压力事件期间处理了超过 300 亿美元的累计铸造和赎回业务，且未失去其抵押支持。
然而，该模型并非没有风险。Ethena 自身的文档指出，资金费率可能会剧烈波动，并可能在较长时间内变为负值。其历史数据还显示，来自永续合约资金费率和期货基差的回报随时间变化，并不像固定利息支付那样表现稳定。
这一点至关重要，因为 USDe 的收益部分取决于市场状况。当交易者大量押注价格上涨时，空头头寸可以获得资金费率支付。但如果需求逆转，该策略可获得的收入可能会下降甚至变为负值。
bStocks 带来了关于所有权和流动性的新风险
此举也使 USDe 更深入地进入快速增长的传统资产代币化市场。Binance 于 2026 年推出了 bStocks，允许符合条件的用户交易基于区块链的选定股票版本。然而，bStocks 并非对底层公司的直接所有权，也不赋予持有者正常的股东权利。
Although the value of a token can be traced to a stock, the legal rights attached to it are different from the rights of traditional brokers to purchase stocks. Binance also stated that bStocks faces issuer, custody, liquidity, technical and regulatory risks, and its use in certain jurisdictions is restricted.
There is also a time difference issue. U.S. stocks trade during fixed market hours, while the cryptocurrency market operates 24/7. Binance said bStocks can continue to trade when the underlying U.S. market is closed, which means that even if the actual stock market is closed, its price may change based on supply and demand.
For USDe users, this means a wider range of assets supporting the system, but also introduces a new layer of risk that was not fully present when the strategy was mainly focused on cryptographic assets. The performance of the model depends not only on the price difference between the two markets, but also on how tokenized securities are priced, traded, settled and regulated.
Ethena Labs invests in the Securitize Tokenized AAA CLO Fund
At the same time, Ethena Labs plans to allocate $250 million to the Securitize Tokenized AAA CLO Fund (STAC), marking another important step in the use of real-world assets (RWAs) in decentralized finance as the investment product is launched on the Solana blockchain.
