Ethena announced Friday its plan to integrate equity-perpetual basis trades into its synthetic dollar USDe’s backing strategy, extending the platform into stock-linked derivatives markets. USDe’s circulating supply stood at approximately 4.063 billion tokens at time of checking. Equity perpetuals carry over $6 billion of open interest across 200 contracts, with average funding rates of 15% to 20%. The firm projected that real-world-asset perpetuals would exceed crypto allocations in USDe’s backing within 12 to 24 months. First exchange partner announcements and deployments are expected in the coming weeks.
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