Overview

• Ethena’s independent risk committee approved XRP and HYPE as eligible for the perpetual-futures hedges that back USDe after first onboarding BNB.
• The Eligible Asset Framework requires more than $1 billion in two‑week open interest, at least $100 million in daily combined spot and perp volume, and defined order‑book depth thresholds.
• Vetting relied on a Coinglass‑based data pipeline covering Binance, Bybit, and OKX with an August 16 cutoff for analysis.
• Approval does not guarantee immediate use, with onboarding phased and most hedges remaining concentrated in BTC and ETH futures.
• The committee rejected some candidates such as SUI and ADA, as USDe’s supply nears about $11.8 billion and the token secures a Coinbase listing, with the founder projecting potential growth to $20 billion under favorable conditions.