Ena repricing is beautiful to see They are more primed than ever to win if we get a proper bull cycle Can capture funding rates on stocks and crypto now And all of defi is pre setup to max loop into usde Through the bear market they made it so much easier as well by removing basically all the fees on mint / redeem Note: dcf cap seeded @ethena

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 crypto to $150 trillion+ of real-world assets. As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception. Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders. Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period. We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle. Allocations begin today.

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 crypto to $150 trillion+ of real-world assets. As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception. Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders. Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period. We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle. Allocations begin today.

next bull market belongs to $ETH

Weekend spending spree: Ethena Pay hit a new daily spending-volume high of $138K. Cumulative spending volume has now reached $1.2M.

OI was $500m when I wrote this. Now it’s almost $4B (8x) in less than a year. I’m not going to shill it and tell you it looks cheap, it’s still early, or it’s going to $10. It's still a pretty small market segment compared to perps. But if you’re bullish on the options category expanding, it’s probably the cleanest bet. The team behind Derive has been committed to this mission for > 5 years at this point. Over the last year, they’ve also added a roster of talent from some of the best firms in the options industry. They’ve essentially willed this category into existence and as a result own 100% of the market today - which is much harder to copy or vampire attack than a perps exchange. And most importantly, as a long-time Derive trader, the difference in liquidity vs. a year ago is night and day. It’s very clear they’ve hit an inflection point. And as we all know: liquidity begets liquidity.

something happening at Derive i have always been bullish on this team but sold some of my position when it looked like takeover was going to happen still believe options will play a massive role in crypto as there's some things you just can't do with perps love a good turnaround story so i'm slowly scaling back in

Proud to announce that Ethena has completed a SOC 2 Type II audit based on the Security Trust Services Criteria, receiving a clean opinion from an independent auditor with zero exceptions noted. SOC 2 is a widely recognized standard for enterprise-grade, operational security assurance: an independent audit of how Ethena actually run access control, change management, monitoring, and incident response. Unlike a Type I report, which checks that controls are designed correctly at a single point in time, a Type II examination tests that those controls actually operated effectively over time. The audit covers infrastructure and processes supporting our products. It is distinct from, and complementary to, the smart contract audits and security reviews covering the Ethena protocol. We believe rigorous operational security should be table stakes for any onchain infrastructure handling billions of dollars, and we intend to maintain continuous SOC 2 coverage into the future. Ethena joins a very short list of onchain businesses that have completed SOC 2 Type II, including Circle, Chainlink and Aave. The full report is available to partners on request under NDA.

‼️ BREAKING: The threat actors who targeted Revolut with information-demand emails are now posting sensitive customer data, including that of high-profile clients such as tennis player Shevchenko and Römer, CEO of Gamdom/Skinscom. They want Revolut to pay up. They say they'll release more messages, data and insights into how the Revolut team operates. They're accusing Revolut of handing over sensitive information to countries outside its jurisdiction. They accuse the company of negligence around privacy and the exposure of sensitive information.

We have been blown away by the excitement and number of users waitlisted to join the app. Following a controlled roll-out in the first week, users on the waitlist will now be added to the app every day. Enable notifications to make sure you don't miss your access. 100 user on the waitlist will gain access to the app tomorrow, with an increasing number added on a daily basis going forward. If you want codes to share with friends or followers to gain access, comment below and we will slide into your DMs.

Must read below on the advantages of a stablecoin-first neobank. The core idea: whoever issues the dollar earns the revenue on the reserves behind it. A neobank holding USDC or USDT is a distribution business because the yield stays with Circle or Tether. Ethena issues USDe, so through USDe and sUSDe it captures that revenue itself. Robinhood made ~34% of 2025 revenue from net interest, Revolut ~22%, and Robinhood still splits that with partner banks. Ethena Pay's bet is that owning issuance gets you that NIM, and more of it, without a bank charter. Zooming out, banks, superapps, brokerages and now stablecoin issuers are all trying to become neobanks, and all of them are trying to win the customer's primary financial relationship. Our map of the four neobank archetypes, updated for issuer-owned models: