Ethena said Friday that it plans to add equity-perpetual basis trades to USDe’s backing strategy, extending the synthetic dollar into stock-linked derivatives markets. Etherscan listed USDe’s circulating supply at about 4.063 billion tokens when checked.

The announced rollout is still forthcoming. Ethena said its first partner exchange announcements and deployments would begin “over the course of the next few weeks.” It did not name the venues or disclose a current equity allocation in the announcement.

For USDe users, the immediate change is therefore a planned addition to the backing strategy rather than a disclosed portfolio shift. The size of the allocation, eligible contracts, partner exchanges and detailed risk parameters remain unspecified.

Ethena’s documentation says volatile assets, including tokenized equities, are generally paired with corresponding short futures positions of approximately the same notional size. It says movements in the spot asset are generally offset by movements in the hedge. The announcement did not detail whether the planned rollout would use tokenized equities, another form of spot exposure or a different trade construction.

Ethena said equity perpetuals now carry more than $6 billion of open interest across 200 contracts and have paid 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.

Binance’s TSLAUSDT perpetual showed about $41.0 million of open interest and an eight-hour funding rate of 0.00436% when checked. Hyperliquid’s ORCL-USDC market showed about $16.1 million of open interest and displayed funding of 0.0010%.

Ethena said the first exchange announcements and deployments will begin in the coming weeks.