DeFi protocol Ethena (ENA) announced a partnership with Binance to back its synthetic dollar USDe with tokenized stocks. The trade involves buying Binance’s bStocks and shorting matching equity perpetuals to collect the funding paid by leveraged longs. Binance’s equity basis has averaged approximately 11% annualized over the past six months. The market opportunity for equity perpetuals is expected to far exceed the $15 billion-plus of crypto perpetuals captured by Ethena during the last cycle.
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