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$ENA rises 17%, USDe begins expanding basis trading to US stocks According to current OKX data, spot $ENA is quoted at $0.25559, up 16.72% in 24 hours, while BTC fell 0.64% in the same period. The price movement roughly coincides with Ethena's announcement of a new collateral strategy. Ethena plans to buy bStocks on Binance as USDe spot collateral, while shorting the corresponding stock perpetuals to earn funding rates and basis. The risk committee framework has been approved, with USDe supply around $4.9 billion. The value of this expansion is not in the "stocks on-chain" narrative, but in adding a source of income for USDe that has lower correlation with crypto funding rates. If the stock perpetuals have sufficient depth, stable basis, and hedge execution, USDe can reduce income volatility when crypto funding rates decline. If market liquidity is insufficient or spot and perpetual tracking diverge, the new collateral could increase trading, custody, and basis risks. There is still a threshold on the token side: although the ENA buyback mechanism has been voted through, the first phase requires USDe's 14-day average supply to reach $7.5 billion. Based on the current official website figure of about $5.4 billion, it still needs to grow by about 39%. The current rise first trades on expectations of income expansion; the real follow-through depends on USDe supply, non-crypto basis income, and whether the buyback triggers. In trading, first watch for exchange deposits, approved sales, or OTC transfers, then see if USDe supply can continue to increase.