Ethena is expanding its USDe basis strategy into equity perpetual futures, targeting funding rates of 14% on Hyperliquid and 17.5% on Binance, more than five times Bitcoin’s average rate of 2.2%. USDe supply has collapsed from nearly $15 billion to about $4 billion, but a governance proposal unveiled on August 27 would trigger ENA buybacks once USDe reaches a $7.5 billion threshold. The expansion opens access to a market worth over $120 trillion, versus roughly $2.5 trillion for the crypto market. ENA token has surged nearly 99% over 30 days to around $0.163 as traders price in the anticipated buyback launch.
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