Ethena has taken a major step in diversifying the collateral base behind its synthetic dollar, USDe.
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.
A Framework for Expansion
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.
Why BNB Matters
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.
Balancing Growth and Risk
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.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/ethena-expands-collateral-options-adds-bnb-to-back-usde/