Overview

• On Aug. 22, Ethena’s independent Risk Committee named BNB, XRP and HYPE eligible to back USDe via perpetual-futures hedges under a new framework.
• The policy requires a two-week average open interest above $1 billion, daily combined spot plus perpetual volume of at least $100 million, and robust order-book depth near the top of book.
• Vetting relied on a Coinglass Open API data pipeline covering Binance, Bybit and OKX to confirm sufficient liquidity for large hedge execution.
• Eligibility does not guarantee immediate onboarding, and only a portion of future hedges will reference additional large-cap assets as most exposure remains in bitcoin and ether.
• The committee rejected candidates such as SUI and ADA, while USDe’s footprint expands with a Coinbase listing and a reported supply near $11.8 billion as its founder projects potential growth to $20 billion under favorable conditions.