Ethena expects to announce its first exchange joins forces with and deployments for the equity strategy in the coming weeks
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The expansion comes as Ethena looks for new sources of returns after USDe supply fell below $5 billion from a peak near $15 billion.
Key facts
The expansion comes as Ethena looks for new sources of returns after USDe supply fell below $5 billion from a peak near $15 billion
The expansion adds to Ethena’s initiative to find new sources of return after USDe supply fell below $5 billion from a peak near $15 billion
The protocol said Friday it plans to expand its basis-trading strategy into equity perpetual futures, whose open interest has ballooned to $6.2 billion from less than $1 billion in March
The strategy is the same trade Ethena has run since USDe's launch with bitcoin BTC $ 79,423.64, ether ETH $ 2,492.96 and solana (SOL): hold exposure to an asset, short its perpetual contract
Summary
Ethena plans to expand USDe’s basis trades into equity perpetuals, where funding rates have run several times higher than bitcoin’s this year. Equity perp open interest has surged tenfold since March to $6.2 billion, giving Ethena enough liquidity to begin deploying its strategy. The move could give USDe a return stream less dependent on crypto cycles as Ethena looks to rebuild growth after USDe supply fell sharply from its 2025 peak. Ethena (ENA), the crypto protocol best-known for its $4 billion “synthetic dollar” USDe (USDe), is looking beyond crypto markets for the next source of yield, betting that the boom in leveraged stock trading can provide richer and more reliable returns. The protocol said Friday it plans to expand its basis-trading strategy into equity perpetual futures, whose open interest has ballooned to $6.2 billion from less than $1 billion in March.