Ethena Labs Adds BNB to USDe Collateral, May Support $20 Billion Supply Target Under Institutional Risk Criteria

• BNB, XRP, HYPE added to USDe collateral basket

• Ethena targets a $20 billion USDe supply, citing macro conditions and liquidity thresholds.

• USDe supply rose 140% to $11.8 billion; new assets subject to institutional liquidity standards.

USDe collateral expansion: Ethena Labs adds BNB, XRP, HYPE to strengthen liquidity and pursue a $20B target — read the impacts and risks.

What is Ethena Labs’ USDe collateral expansion?

USDe collateral expansion is Ethena Labs’ initiative to add BNB, XRP and HYPE as approved backing assets for USDe, announced August 22, 2025. The update aims to expand liquidity and support a strategic $20 billion supply target while keeping strict institutional liquidity and risk controls in place.

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