TLDR
- Ethena is expanding USDe backing by using Binance bStocks as collateral and equity perpetuals as a hedge.
- ENA price rose about 19% in 24 hours, trading near $0.2432 after the announcement.
- Binance’s equity perpetual market has more than $2.9 billion in open interest.
- Analyst Crypto Patel says ENA is up 292% from his accumulation zone, with targets up to $3.
- A trader opened a 15x leveraged ENA position worth about $592,000 on Aster DEX.
Ethena is moving beyond crypto assets. The project is now using tokenized stocks as part of its backing strategy for USDe.
The plan works through a new partnership with Binance. Binance bStocks will serve as spot collateral. Ethena will then hedge that position using Binance USDT-denominated equity perpetuals.
Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of… pic.twitter.com/be4Mz7XHk1
— Ethena (@ethena) September 25, 2026
This follows the same delta-neutral method Ethena has used since USDe launched. The goal is to hold an asset while using derivatives to cancel out price risk.
Ethena said this move opens up a market worth more than $150 trillion in real-world assets. That compares to roughly $2.5 trillion across crypto assets. Binance already has over $2.9 billion in open interest across its equity perpetual futures.
The ENA token reacted quickly to the news. Price rose close to 19% in 24 hours, trading around $0.2432.
ENA Price Recovers Through September
ENA had traded below $0.15 for much of early September. The token then began climbing steadily.
It closed at $0.1546 on September 17, then $0.1683 the next day. By September 19, it reached $0.2050.
The price hit $0.2245 by September 24. CoinMarketCap data placed ENA near $0.27 on September 26, up about 18% that day.
Analyst Devchart pointed to the move on X, writing that $ENA is “breaking out of the main weekly resistance zones” and naming it one of the tokens to watch.
One of the tokens to watch for. $ENA breaking out of the main weekly resistance zones pic.twitter.com/foucMV42PE
— Devchart 👨🏻💻 (@devchart) September 26, 2026
Trading volume also increased through the recovery. Daily volume reached hundreds of millions of dollars on several sessions.
Whale Position Adds to Market Activity
A trader identified as 0xc8F7 opened a 15x leveraged long position on Aster DEX. The position involved 2.15 million ENA tokens, valued at about $592,000.
Lookonchain reported the position was showing a profit of roughly $310,700. That is a 786.54% return on the trader’s margin.
Analyst Crypto Patel has laid out a series of price targets for ENA based on chart structure. The first target is $0.25, followed by $0.50, $0.80, $1.25, and $3.
Patel’s post said ENA is up 292% from his original accumulation zone. These targets are based on his own technical reading of the chart, not confirmed outcomes.
The $0.25 level is currently in focus. If ENA holds above that price as support, traders may watch for a move toward the next levels in Patel’s framework.
Ethena’s broader business also continues to grow. USDe supply stands near $4.9 billion. The company said its Binance equity trading averaged about 11% annualized return over the past six months, with open interest growing roughly 30% per month over the last three months.
