Ethena Eyes Equity Perpetuals to Boost USDe Reserve Yield

Ethena, issuer of the roughly $4 billion synthetic dollar USDe, is looking to diversify a reserve strategy that has largely depended on crypto assets and derivatives. The rapid expansion of equity perpetual futures offers a potential source of additional yield tied to real-world assets, reducing reliance on purely digital-asset markets. The shift could broaden USDe’s backing mix, though it may also introduce new liquidity, counterparty and regulatory risks.

Ethena said it is exploring equity perpetuals as part of a push beyond crypto-native markets and into real-world asset exposure. The company expects RWA perpetuals to account for a larger share of reserve backing than traditional crypto derivatives within the next 12 to 24 months. If implemented at scale, the contracts would become an important yield-generating component for USDe as Ethena seeks returns across a wider range of markets.