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5h ago

Ethena Risk Committee Clears BNB, XRP, HYPE for USDe Backing Under New Framework

A new data-driven framework sets strict liquidity thresholds to protect USDe’s futures hedges.

Ethena
Bnb joins usde’s backing, xrp and hype next in line

Overview

  • BNB is the first asset onboarded under the policy, while approval for XRP and HYPE does not guarantee immediate use as collateral.
  • Ethena’s framework requires more than $1 billion in two-week open interest, at least $100 million in daily spot plus perpetual volume, and robust order-book depth.
  • The committee vetted assets using a Coinglass-powered data pipeline that aggregated metrics from Binance, Bybit, and OKX.
  • XRP and HYPE surpassed every threshold, while tokens such as Sui and Cardano were rejected for failing the minimum metrics.
  • USDe recently listed on Coinbase and is reported as the third-largest stablecoin with about $11.8 billion in circulation, as the founder projects potential growth to $20 billion under similar market conditions.