Ethena has announced a partnership with Binance to extend its basis trade to tokenized equity perpetuals, using bStocks as new collateral for its USDe stablecoin. First allocations begin September 25, 2026. USDe’s market cap currently stands at approximately $4.9 billion, well below its October 2025 peak of $14.8 billion, when the stablecoin lost its peg on Binance following a crash. To activate its fee switch enabling ENA token buybacks, Ethena must reach $7.5 billion in circulating USDe. In August, Binance’s equity perpetual contracts generated approximately $433.4 billion in trading volume, including $342.9 billion for equity-related contracts alone.
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