Ethena plans to add equity-perpetual basis trades to USDe’s backing strategy, extending the synthetic dollar’s exposure into stock-linked derivatives. Etherscan listed USDe’s circulating supply at about 4.063 billion tokens when checked. The rollout remains forthcoming, with initial partner exchange announcements and deployments scheduled to begin over the next few weeks. Ethena has not identified the venues or disclosed a current equity allocation, so the immediate change for USDe users is a planned strategy addition rather than a confirmed portfolio shift. The allocation size, eligible contracts, partner exchanges and detailed risk parameters remain unspecified. Ethena’s documentation says volatile assets, including tokenized equities, are generally paired with short futures positions of approximately equal notional value, so gains or losses in the spot asset are generally offset by the hedge. The announcement did not say whether the new strategy would use tokenized equities, another form of spot exposure or a different trade construction. Ethena said equity perpetuals have more than $6 billion of open interest across 200 contracts and have generated average funding rates of 15% to 20%. It also projected that real-world-asset perpetuals would exceed crypto allocations in USDe’s backing within 12 to 24 months. At the time of checking, Binance’s TSLAUSDT perpetual had about $41.0 million in open interest and an eight-hour funding rate of 0.00436%, while Hyperliquid’s ORCL-USDC market had about $16.1 million in open interest and displayed funding of 0.0010%.