The founders of the synthetic dollar have integrated bStocks and equity perpetuals on Binance to diversify the assets used to support their token's value. This expansion allows the reserves of the USDe stablecoin to utilize a basis trade within traditional equity markets rather than relying solely on cryptocurrency derivatives.

The move increases the available collateral pool for Ethena from $2.5T in crypto to more than $150T in real-world assets. By tapping into equity perpetuals, the protocol shifts its hedging strategy to a significantly larger asset class to anchor its reserve mechanism.