Ethena looks beyond crypto to capture yield from rising equity perpetuals

Ethena, the issuer of the $4 billion USDe token, is expanding its focus beyond crypto derivatives as activity in equity perpetuals grows. According to CoinDesk, the company expects perpetual contracts linked to real-world assets to overtake crypto derivatives as the larger component of USDe’s backing within the next 12 to 24 months. The shift would place equity-linked perpetuals at the center of Ethena’s strategy for generating yield for the token. USDe is currently backed through a structure that includes crypto derivatives, but the company sees a broader market developing around perpetual products tied to traditional assets. Ethena’s outlook highlights the growing connection between digital-asset markets and instruments linked to real-world financial assets. The projection concerns the composition of USDe’s backing and does not specify a precise date for the transition.