Ethena has begun using Binance bStocks tokenized equity instruments as collateral for USDe, with USDT-settled equity perpetual contracts used to hedge exposure under its delta-neutral basis-trading model. The protocol said the strategy expands its addressable collateral market from about $2.5 trillion in crypto assets to more than $150 trillion in traditional financial assets. Binance's equity perpetual market held more than $2.9 billion in open interest, while Ethena reported approximately 11% annualized returns from its Binance equity strategy over six months and roughly 30% monthly open-interest growth in the latest quarter. USDe circulation was approaching $4.9 billion. ENA rose to $0.28, its highest level since December 2025, after previously nearing $0.27 following the integration announcement. A whale investor bought 18.34 million ENA worth $5.13 million. Ethena's community is also considering a proposal to direct up to 95% of net protocol revenue to ENA buybacks.