Ethena Incorporating the assets of U.S. Equity token into its reserve strategy for USDe , with a view to borrowing Binance ...

It's not about the money, is it? . . . , ? . . ! Ethena Incorporating token Chemical and Binance Stock perpetual futures into the underlying trading support strategy of USDe , with bStocks as a spot-end asset, and using the stock's price hedge gate perpetual futures , to maintain Delta neutrality. This adjustment expands the boundaries of stablecoin assets but also brings liquidity, clearing, counterparty and compliance risks that are worthy of market attention.

I'm not sure what to do with it. . . . ? . . ! . USDe , Ethena , token Chemical stocks and shares perpetual futures , Delta neutral

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Core change: USDe 's underlying assets extend from crypto cash to equity assets

PANews quoted The Block as reporting on September 25 that Ethena is incorporating token into the United States stock and Binance shares in the perpetual futures underlying trading support strategy of USDe . According to this arrangement, Binance bStocks will act as a cash-end asset for token , while Ethena utilizes the price-oriented hedging portals of token stocks to maintain Delta neutrality.

For the reader, this means that USDe 's bottom line of earnings is no longer solely dependent on funding rate between cryptocurrency cash and perpetual futures . The original Ethena differential strategy was to gain revenue through a cash multiple with perpetuity buffers. The addition of equity assets expanded the cash side into U.S. stocks in chemical products while perpetuities used stock as a hedge against risk.

Scale and earnings: perpetual futures stocks are forming a new hedge pool

A set of data mentioned by Ethena outlines the capacity for this new strategy: Binance shares perpetual futures open stock now exceeds $2.9 billion, with a compound monthly growth rate of 105% this year; over the past six months, share-based trading has averaged APY at 3.56% . These figures indicate that the market is still expanding rapidly and short-term gains from the spread have not completely disappeared.

Ethena is expected to eventually significantly exceed the size of perpetual futures 's opportunity after more equity market assets are on-chain. This judgment focuses not so much on earnings as it does on the speed at which conventional equity assets connect with on-chain derivatives infrastructure.

Follow-up: hedge effectiveness, compliance boundaries and market structure

perpetual futures needs to provide sufficient depth so that the Ethena can maintain Delta neutrality in different market fluctuations; if contractual liquidity, position holdings or an abnormal occurrence of funding rate occurs, both the return on the base difference strategy and the asset side pressure of stablecoin will be affected.

Second, the risk committee approval of allocation strategies does not mean that all risks have been eliminated. The upstream chain for equity assets involves issuers, custodianship structures, counterparties to contracts, clearing mechanisms and regulatory boundaries, especially as markets are more concerned with whether prices find stability after an uncollateralized stockpile exceeds $2.9 billion and how collateral is transmitted under extreme conditions than liquidation .

Finally, this changes the way crypto stablecoin connects with traditional financial assets. USDe attempts to incorporate equity-type assets into underlying trading support and shows that issuers are looking for more sources of income; expansion in stocks perpetual futures and token shares may also drive derivatives markets from crypto asset outflows towards traditional assets.