# 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.

- Published: 2026-09-25T13:11:38.958Z
- Canonical: https://polylog.news/crypto/2026-09-25/ethena-extends-usde-s-backing-into-tokenized-us-stocks-and-b
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [crypto.news](https://crypto.news/ethena-takes-usde-basis-trade-into-tokenized-us-equities/), [The Block](https://www.theblock.co/news/deals/2026-09-25-ethena-expands-usde-backing-strategy-into-bstocks-and-equity-perpetuals-on-binance-416367), [CryptoSlate](https://cryptoslate.com/ondo-unlocks-blackrock-portfolio-strategies-but-only-non-us-traders-benefit/)

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…

This story is for subscribers. Read it in full at https://polylog.news/crypto/2026-09-25/ethena-extends-usde-s-backing-into-tokenized-us-stocks-and-b (subscription information: https://polylog.news/pricing).