Binance joined hands Ethena , USDe Base difference strategy reached cooperation

Summary of eventsEthena announces collaboration with Binance to extend USDe's spreadsheet trading strategy for the first time to perpetual contracts in equities, using bStocks as spot collateral, continuing Delta Neutral framework; an average annualization of about 11% over the past 6 months, configured starting today. The change connects crypto derivatives earnings logic to traditional stock price fluctuations and subsequent focus on contract liquidity, mortgage discount prices and regulatory boundaries.

The labelUSDegadisEthena DegadisBinancedegadis is an indefinitely-held stock that has a Delta Neutral contract.

Featured mapAbstract tech-finance style, presenting capital flows, stock curves and on-chain networks without real people, exchange trademarks or specific price figures.

It is reported that Ethena has announced a partnership with Binance to extend the USDe spreadsheet trading strategy for the first time to equity perpetuities, starting today. Previously, USDe's earnings revolved primarily around the spread between cash and contracts in crypto-assets; extending its hedging instrument into equity duration means that its source of income starts from a single cryptocurrency market structure towards broader traditional asset price derivatives.

From Cryptocurrency to Equities

USDe is commonly understood as a synthetic dollar product, with the core logic being to create Delta-neutral portfolios: holding assets on the spot side, establishing reverse positions on the contract side, offsetting downside risks and then profiting from capital gains rates, base difference changes or market frictions. In the past such strategies have been mainly associated with mainstream cryptoassets.

The key to this collaboration is the inclusion of equity perpetual contracts in a single framework. Binance already offers USDT-denominated equity durable contracts, which track stock price performance but settlement and trading are still within the crypto derivatives ecosystem. Ethena's entry into this market would be tantamount to bringing traditional stock price fluctuations into USDe's earnings structure.

11% annuity with bStocks collateral arrangement

According to public information, Ethena will use bStocks as a spot collateral for equity perpetuation contracts. The strategy is not to buy and sell shares directly, but instead uses bSTOCKS on the spot mortgage side and then hedges at the end of the equity duration contract, continuing Delta's neutral thinking.

The earnings reference disclosed in the original article is: an annualized average of about 11% over the past 6 months. This figure comes from a historical performance range, not equal to future earnings; it at least indicates that equity perpetuities have provided some margin or capital rate space recently, but such spaces change with contract liquidity, capital preferences, stock fluctuations and holding congestion.

What it means for USDe

For USDe, this expansion has two levels of meaning: first is the diversification of sources of income. If perpetual contracts for stocks are not fully synchronized with the baseline cycles of crypto-assets, USDe may reduce its reliance on a single cryptocurrency fee environment. Secondly, risk boundaries expand: stock prices will be influenced by financial statements, macroeconomic policies, industry events, contract depths, collateral liquidity and bStocks' credit arrangements as new variables.

Crypto derivatives are attempting to access more traditional asset price signals. USDs, in order to become a more stable earnings-based dollar instrument, need to demonstrate that they can maintain adequate collateral and effective hedging in different market environments with clear disclosure of the source of income and risk exposure.

Follow-up

There are three directions to look at next: the trading depth of equity perpetual contracts on Binance and whether capital rates will persist; bStocks' liquidity and discount performance as collateral in extreme conditions; and whether Ethena discloses a more nuanced position structure, risk limits and earnings attribution. Public information shows that configuration has begun today, with actual effect depending on subsequent market operations and risk control execution.