The Ethena Risk Committee have established the Eligible Asset Framework, which represents a new approach to widening approved backing assets specifically for the perpetual futures portion of the collateral backing of $USDe.
As part of the new framework, $BNB has been approved as… pic.twitter.com/SiT0Dt549E
— Ethena Labs (@ethena_labs) August 22, 2025
The move follows the successful onboarding of Binance Coin ($BNB) and is the first application of the protocol’s newly unveiled Eligible Asset Framework. Ethena Labs said the committee’s decision was based on a cold, hard analysis of quantitative data, with both assets clearing minimum thresholds for open interest, trading volume, and market depth across major exchanges.
You might also like: Jack Dorsey’s Bitchat wants your neighborhood to run on Bitcoin
The data behind the decision
To vet these assets, the committee relied on a rigorous data pipeline sourced primarily from the Coinglass Open API, with a cut-off date of August 16. This data spanned major centralized exchanges, including Binance, Bybit, and OKX, which serve as Ethena’s primary hedging venues.
The approval of $XRP and $HYPE was not a close call based on the published metrics. Both assets convincingly surpassed every minimum threshold. Each boasts a two-week average open interest well above the $1 billion benchmark, a critical measure that ensures Ethena’s trading team can establish large short positions without moving the market.
Additionally, their spot and perpetual trading volumes consistently exceeded $100 million daily, while their market depth, including the liquidity available within 1% of the current price, proved robust enough to handle significant trades without major slippage.
The committee also found that both assets cleared the 180-day minimum open interest hurdle of $300 million, demonstrating their market maturity and resilience even through periods of volatility, Ethena Labs said.
This> Read more: VanEck pushes liquid staking into ETFs with JitoSOL filing
crypto.news
