Ethena targets $120 trillion equity market with higher-yield USDe strategy

Ethena plans to expand the basis-trading strategy supporting its synthetic dollar USDe into equity perpetual futures, according to CryptoSlate. The move targets funding yields described as more than five times higher than those available through Bitcoin-related trades. Ethena disclosed the plan on Aug. 28, as open interest in equity perpetual futures reached about $6.2 billion. The initiative places the broader $120 trillion Wall Street stock market in focus as Ethena seeks to recover from USDe’s contraction in 2026. The strategy would extend USDe’s existing basis-trade approach beyond crypto markets and into equity-linked perpetual contracts. Ethena’s native token is ENA, while USDe is the synthetic dollar tied to the strategy. The expansion comes as the equity perpetual market grows, but the supplied information does not specify which stocks or venues Ethena plans to use, nor does it provide a timeline for implementation.