Ethena has expanded its USDe synthetic dollar’s yield engine to tokenized US stocks through a partnership with Binance announced on September 25. The bStocks issued by BTech Holdings, backed 1:1 by real shares in custody, will serve as spot collateral, hedged by equity perpetuals settled in USDT. USDe supply currently stands at $4.9 billion, down from nearly $15 billion at its peak in fall 2025. Binance’s equity perpetuals have surpassed $2.9 billion in open interest, with a 3.56% annualized yield over six months. Ethena Labs founder Guy Young called this the most significant expansion of USDe’s funding mechanism since the protocol’s inception.
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