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BTC 
ENA 
ETH 
SOL Ethena and Binance have reached a partnership to support USDe with tokenized stocks
Decentralized financial agreement Ethena (ENA) announced a partnership with Binance and began using stocks to support its stablecoin USDe on Friday. The specific operation method is essentially to purchase bStocks (tokenized stocks) on the exchange and short the corresponding equity perpetual contract, thereby earning the capital rate paid by leveraged long positions.
Ethena said in a statement that this partnership with @Binance is its first venue to expand basis trading into equity perpetual contracts, and is one of the most exciting collateral support updates since USDe was launched. The move expands the size of the accessible market for underlying collateral from previously limited to crypto assets to a trillion-dollar stock market.
Seeking to break the record for crypto-perpetual contracts
This hedging transaction structure is the same as the crypto-asset mortgage mechanism that has long supported USDe worth USDe worth US$4.9 billion, and is the strategic structure Erena previously operated on Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). In short, it means holding spot assets, shorting perpetual contracts, and charging fees paid by leveraged bulls. In this case, the spot terminal is bStock, issued by Binance related company BTech Holdings Limited and fully supported one-on-one by the custody shares.
Ethena 在 X 平台发布的帖子中指出，过去六个月里，币安的股权基差年化收益率平均约为 11%。此外，该交易所给予符合条件的 delta 中性账户（包括 Ethena 在内的账户）在自动减仓机制中较低的优先级。“我们预计，股权永续合约的市场机会规模将远远超过 Ethena 上一个周期所捕获的 150 多亿美元的加密永续合约市场。”该公司写道。
bStock 条款出现波动
此次分配遵循了 Kairos Research 为 Ethena 风险委员会撰写的框架。根据规定，标的需满足多项条件方可入选，包括在 14 天内拥有 2500 万美元的永续合约未平仓交易量、30 天的资金费率历史数据，以及在同一场所拥有匹配的代币化股票等。
在币安提供的 67 对交易对中，共有 17 对通过审核，其中包括英伟达、特斯拉和 SpaceX 等热门标的。这些标的所在的场所持有 29 亿美元测量总额中的 21.4 亿美元（该测量涵盖四个交易所）。在 37 次财报发布事件中，底层股票平均跳空幅度为 9.9%，而对冲头寸仅移动了 20.3 个基点。获批的币安标的的收益（Carry）在一个月内减半至约 7%，其中两个标的甚至出现负收益。报告指出，bStocks 的批准附带有发行人的侧函条件，因为持有人并不拥有支持股份的专有权益，且每个 bStock 合约背后都只有一个升级密钥。
CryptoQuant data shows that Binance processed 76% of the total US$250 billion in equity perpetual contracts traded in July. Within two weeks of its tokenized U.S. stock launch in June, its assets reached $100 million.
ENA traded at $0.24 on Friday, up 12% in 24 hours, according to CoinGecko. According to DefiLlama data, USDe supply peaked at US$14.8 billion on October 4, 2025. The last time Ethena expanded its collateral range in this way was in April 2024, when it added Bitcoin to USDe's backing reserves, which were in supply at the time of $2 billion.
