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Morning Edition · Saturday, August 29, 2026Published at 1:48 AM EDT · New York
Ethena Extends the USDe Basis Trade Into Equity Perpetuals as Crypto Funding Yields Shrink
The issuer expects perpetual futures on real-world assets to overtake crypto derivatives in USDe's backing within 12 to 24 months, after supply fell from nearly $15 billion to about $4 billion.
Ethena is applying the structure behind its synthetic dollar to equities. The issuer will run the same delta-neutral trade it uses against Bitcoin and Ether, holding an asset and shorting the perpetual future against it, using equity perpet…
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Tokenized Equities Push Onto Public Blockchains
Over 3-6 months, exchanges and banks accelerate moving real equities on-chain — tokenized stocks with on-chain dividends and composable trading — turning the contest over open vs. closed tokenization venues into a concrete product race.
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