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Morning Edition · Friday, September 25, 2026Published at 9:11 AM EDT · New York
Ethena Extends USDe's Backing Into Tokenized US Stocks and Binance Equity Perpetuals
Founder Guy Young calls it the largest change to the synthetic dollar's funding mechanism since launch, with the equity basis averaging 3.56% annualized over six months.
Ethena has added tokenized United States equities and equity perpetual futures to the basis trade that backs part of its synthetic dollar USDe, moving a funding model built on crypto markets into listed stocks. The structure pairs tokenized…
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Part of a tracked trend
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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