USDe

Ethena

2026-09-25 13:46:22

Ethena adds tokenized U.S. stocks to USDe strategy as Binance equity perpetual OI tops $2.9 billion

Ethena has expanded the yield engine behind USDe beyond crypto perpetuals and into U.S. equities. The project said it is now using Binance bStocks tokenized stocks as part of USDe’s underlying allocation strategy while shorting the matching Binance equity perpetual contracts to build a delta-neutral basis trade. In practice, the setup is designed to avoid taking a directional view on stock prices and instead earn from the spread between spot and perpetual markets, including funding payments. According to data cited by Ethena, total open interest in Binance equity perpetuals has climbed above $2.9 billion, with a year-to-date monthly compound growth rate of about 105%. Over the past six months, the average annualized basis across related stock trades was about 3.56%. The move comes as the tokenized stock market itself has also expanded, with Binance Research saying active tokenized equity market capitalization rose about 314% this year to $4 billion by early September, while monthly trading volume increased from roughly $237 million in January to about $7.9 billion in August. Ethena said the point is not to turn USDe into a stock-backed stablecoin. Instead, the added strategy gives the nearly $5 billion asset pool another source of yield that does not fully depend on the funding cycle in crypto perpetual markets.

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Ethena

2026-09-25 12:02:22

Ethena adds tokenized U.S. equities and equity perpetuals to USDe basis trade strategy

Ethena said it has added tokenized U.S. stocks and U.S. stock perpetual futures to the basis trading strategy used for part of the reserves backing its synthetic dollar, USDe. The change broadens the capital base for that strategy beyond what the company described as a setup previously concentrated mainly in crypto markets. According to Ethena, the move extends the strategy into listed equities while bringing a traditional asset class into the reserve mix. The firm said the goal is to diversify reserve risk and capture basis trading opportunities in stock markets to provide additional yield support for USDe. The update was cited by Techub News, which referenced Crypto.news.

230

Ethena

2026-09-25 15:02:37

Ethena starts using tokenized U.S. stocks on Binance to back USDe in first equity basis trade venue

Ethena Labs said Friday that it has begun backing its synthetic dollar, USDe, with tokenized U.S. equities, naming Binance as the first venue where it is extending its basis trade structure into stocks. Allocations started the same day, according to the company. Under the setup, Binance’s bStocks serve as the spot leg, while Ethena hedges the position by shorting Binance’s USDT-denominated equity perpetual futures, keeping the trade delta-neutral in the same way it has done with bitcoin, ether, and other crypto assets since USDe launched. The company framed the move as the biggest expansion yet of USDe’s funding mechanism. Founder Guy Young said global equities trade in the hundreds of trillions of dollars and that a greater shift onchain opens room to diversify backing. The shift also comes as crypto funding income has cooled. Ethena previously said bitcoin funding rates, weighted by open interest, averaged 11.0% annualized in 2024, fell to 4.9% in 2025, and stood at 2.2% this year through Aug. 11, while Binance equity perpetuals averaged 17.5% from May 20 to Aug. 11. Kairos Research, which reviewed the structure for Ethena’s Risk Committee, proposed venue and liquidity thresholds and warned that until a side letter with the issuer is in place, the spot leg represents unsecured credit exposure to a Binance affiliate rather than a direct claim on the underlying stock.

200

Binance

2026-09-22 07:06:55

Binance suspends deposits and withdrawals across all networks during wallet system upgrade

Binance has suspended deposit and withdrawal services across all networks, according to its operations page. The move follows an earlier notice from the exchange that it would carry out an infrastructure wallet system upgrade at 14:00 on Sept. 22 and pause related services at the same time. Binance said the upgrade was expected to last one hour. Separately, the USDe/USDT pair on Binance briefly lost its peg earlier in the day, falling to $0.9202 before quickly rebounding to around $0.9987. The pair has since returned to its peg, according to the report from Odaily.

300

USDe

2026-09-22 06:20:32

USDe briefly fell to $0.65 during spot trading on Binance

USDe briefly dropped to $0.65 during spot trading on Binance on Sept. 21, according to Techub News, which cited Crypto Briefing. The price then rebounded quickly. The report also said the related market data page later returned to normal. With only limited details available, the incident was presented as a short-lived disruption during exchange trading rather than a prolonged move. Techub added that the episode highlighted potential operational risks faced by centralized trading platforms. No further explanation, duration, or additional market figures were provided in the source item.

280

StablecoinX

2026-09-22 06:44:14

StablecoinX (USDE) closes 23.65% higher on Sept. 22, extends gains after hours

StablecoinX Inc. (USDE) ended the Sept. 22 U.S. trading session at $12.60, up $2.41 from the previous close of $10.19, according to ChainCatcher. The move represented a 23.65% gain and left the company with a market capitalization of about $303 million. Trading volume for the day reached 10.5266 million shares. The stock traded in a session range of $12.20 to $13.79. In after-hours trading, USDE changed hands at $12.72, up another $0.12, or 0.95%. ChainCatcher said StablecoinX is a stablecoin infrastructure company focused on the Ethena digital dollar ecosystem. Its business includes infrastructure services, stablecoin middleware software, and distribution services. The stock’s 52-week range stands at $1.33 to $13.79.

360

USDe

2026-09-22 06:47:42

Analyst says USDe depeg sparked risk transmission in "1011," but a repeat is unlikely in theory

Crypto analyst Chen Mo said on Sept. 22 that USDe on Binance briefly depegged again, falling to $0.92. He linked the move to the earlier "1011" episode, saying that event also began with trouble in USDe while on-chain pricing itself did not show abnormalities. According to his post, the problem came from how USDe traded on centralized exchanges: the order book was thin, yet the token could still be used as collateral to open positions, creating a path for risk transmission. Chen added that Binance later changed its pricing setup by incorporating USDe’s actual redemption price into its price index instead of relying only on order-book quotes. On that basis, he said, the conditions that drove the earlier "1011" event should not, in theory, play out the same way again.

330

Binance

2026-09-22 06:21:24

USDe briefly fell to 0.9202 USDT on Binance before returning to peg

Market data from Binance showed that USDe briefly lost its peg at 13:00 today, dropping to 0.9202 USDT before recovering. The token was later quoted at 0.9997 USDT on the exchange. Separate market data from Bitget showed a much smaller move at the same time. On Bitget, USDe touched a low of 0.997 USDT at 13:00, then returned to its peg. It was also quoted at 0.9997 USDT afterward. The two exchange readings point to a sharp but short-lived dislocation on Binance, while Bitget showed only a limited deviation during the same time window.

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