Ethena has begun extending the basis-trading strategy supporting its USDe synthetic dollar into tokenized equities through Binance. The protocol buys Binance bStocks, which are backed one-for-one by custodied shares, and shorts corresponding equity perpetual contracts to hedge share-price exposure while collecting funding payments from leveraged long traders. Binance's equity basis averaged about 11% annualized over the preceding six months, Ethena said, though carry on approved names had declined to about 7% and was negative for two names. Kairos Research's framework identified 17 of Binance's 67 equity-perpetual pairs as eligible, including Nvidia, Tesla and SpaceX. The framework also flagged structural risks around bStocks, including holders' lack of proprietary interest in backing shares and a single upgrade key for each contract. ENA traded at $0.24 on Friday, up 12% over 24 hours, while USDe supply had previously peaked at $14.8 billion on October 4, 2025.