The framework redirects up to 20% of protocol revenue once USDe reaches specified supply milestones. No revenue is redirected at the reported $4.07 billion supply level.
Ethena's shift from token incentives to organic growth challenges its stablecoin's sustainability, impacting investor confidence and market dynamics. Ethena ends token incentives for USDe after 85% decline in rewards.
PUMP, SEI and JTO gained about 16.8%, while 10 other listed tokens rose between 9% and 15%.
The token rose 16.96% over 24 hours, while short liquidations exceeded long liquidations during the latest hour.
The partnership adds Binance bStocks and matching equity perpetuals to USDe's yield strategy, extending it beyond crypto assets.
Ethena will hold Binance's bStocks as spot collateral for its roughly $4.9 billion synthetic dollar and hedge them with short positions in Binance equity perpetual futures.
Ethena expanded its USDe basis trade into tokenized equities, using Binance's bStocks as spot collateral and equity perpetual futures as hedging instruments. Binance records over $2.9 billion in open interest in equity perpetual futures, posting a compound monthly growth rate of 105% in 2026.
Ethena was up 16.65% over 24 hours at 9:02 a.m. ET on Sept.
Ethena's move into tokenized stocks with Binance diversifies USDe's collateral, potentially stabilizing returns amid crypto market volatility. Ethena expands USDe basis strategy into tokenized stocks with Binance.
Ethena has added tokenized U.S. equities and equity perpetual futures to the basis trading strategy used for part of USDe's backing, taking a funding model previously centered on crypto markets into listed stocks. According to a statement shared with crypto.
The plan uses bStocks as tokenized spot collateral and Binance's USDT-denominated equity perpetual contracts for hedging.
ENA was up 15.65% over 24 hours as of 7:07 a.m. ET (11:07 UTC) Sept.