Ethena eyes equity perpetuals to back USDe as real-world assets gain ground

Ethena, the issuer of the $4 billion USDe stablecoin, is expanding its yield strategy beyond cryptocurrency derivatives. The firm is targeting real-world asset perpetuals, particularly equity-based instruments, as a new source of backing for its token. Ethena expects these real-world asset perpetuals to surpass crypto derivatives in its reserve composition within the next 12 to 24 months. The move reflects growing institutional interest in tokenized real-world assets as viable yield-generating instruments in the digital asset space.