USDe adds tokenised equities to collateral as Ethena announces shift
Ethena USDe (USDe)
Editor:
Eugene Serbin
cryptocurrency.com.tr reports that Ethena Labs announced on September 25, 2026, that tokenised US equities now back the synthetic dollar USDe. The protocol will represent part of the collateral through equity tokens from the Binance trading platform. Ethena will hedge the price risk of this position using equity perpetuals.
This structural change does not alter the quoted price of USDe. Instead, it determines who stands opposite you if the system experiences stress. USDe maintains a dollar peg through arithmetic rather than holding real dollars in a bank account.
The protocol employs a delta-neutral strategy, holding crypto collateral while opening short derivative positions. These shorts lose value exactly when the collateral gains, and vice versa. This mechanism has served as the core of the protocol since its launch. The announcement clarifies the composition of the reserve and the return structure of the construction.
How the market reacted
Whalio's own Binance spot order flow for USDe, measured when this story was written up on 27 September 2026. Not the outlet's figures.
USDe trades at $0.9999 with a 1-hour buy ratio of 97.3%, indicating immediate, intense buying pressure. This spikes significantly above the 4-hour ratio of 56.3% and the 24-hour average of 62.9%. The 1-hour volume delta is positive at $8,068, showing active accumulation in the short term. Over 4 hours, the volume delta is $3,642, suggesting the initial surge is stabilizing. The 24-hour volume delta stands at $124,351, with a cumulative CVD of $29,544. This flow indicates that while immediate buying is strong, the broader 24-hour trend is less aggressive than the current hour.
The latest daily buy ratio of 51.8% sits at the 56th percentile of the last 322 days, against a median of 48.5% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for USDe, averaged over the days leading up to the story.
The current 24-hour buy ratio of 62.9% is notably higher than the 7-day average of 39.8%, marking a 23.1 point increase. This suggests today is an unusually active day for buyers compared to the recent weekly norm. However, the 24-hour spot volume of $480,354 is only 0.05 times the weekly average, indicating low overall participation. Despite the ratio spike, the coin saw net buying on only 2 of the last 7 days. The 8-day volume delta totals $18,099,062, showing that while today is intense, the weekly volume remains subdued relative to historical averages.