The project’s risk committee has approved Binance’s BNB as the first new asset eligible to support USDe’s perpetual-futures hedging, marking the debut of a broader framework for onboarding additional cryptocurrencies.
The new “Eligible Asset Framework” establishes strict liquidity, lending, and market-structure thresholds that assets must meet before being considered as collateral. According to the governance post, both XRP and Hyperliquid’s HYPE token already satisfy preliminary requirements and could be added in future phases pending further reviews.
USDe, which maintains its peg by combining dollar assets with delta-hedged futures positions, has quickly grown to become the third-largest stablecoin with a circulating supply of $11.75 billion, based on The Block’s data. By broadening its collateral sources, Ethena aims to strengthen resilience while keeping risk tightly managed.
The inclusion of Binance’s exchange token comes at a time when BNB’s role in regional markets is expanding. In the Gulf, UAE-based RAKBANK recently integrated crypto trading into its retail app, listing BNB among the first batch of supported assets. The move underscores BNB’s liquidity footprint and its growing relevance beyond Binance’s own ecosystem.
Under the new system, only a portion of USDe’s hedges will reference additional large-cap assets, with the majority continuing to rely on established instruments like ether and bitcoin futures. This approach is designed to ensure that diversification doesn’t compromise stability.
By formalizing criteria and publishing a standing process for candidate assets, Ethena’s governance framework is expected to pave the way for more tokens to join the collateral set. If XRP or HYPE are approved next, analysts say it could further expand USDe’s market appeal by aligning the stablecoin with assets that already command significant liquidity in global markets.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
The post Ethena Expands Collateral Options, Adds BNB to Back USDe appeared first on Coindoo.
