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The team behind Ethena’s $USDe, the third-largest stablecoin by market cap, has now opened the door for $BNB to be used as collateral. The group also hinted that $XRP and $HYPE could soon be added to the roster of supported assets.
Ethena Approves $BNB Collateral, Teases $XRP and $HYPE Entry
On Friday, Ethena Labs announced that its Ethena Risk Committee has introduced the Eligible Asset Framework, a fresh approach to expanding the range of approved backing assets dedicated to the perpetual futures portion of $USDe’s collateral reserves. As part of this framework, the organization confirmed that $BNB has become the first newly approved asset supporting $USDe.
Ethena’s $USDe ranks as the third-largest stablecoin by market cap, carrying a valuation of $11.753 billion as of Aug. 22. In the past 30 days, its supply has climbed 80.87%, adding $5.255 billion in value. Assets already backing $USDe include ETH liquid staking tokens, bitcoin ( BTC), solana ( SOL), and stablecoins such as USDC and USDT.
After announcing $BNB’s approval as collateral, Ethena added that two additional coins are currently under review. Ethena stated:
“Other assets that are approved under the new framework: $XRP and $HYPE meet all thresholds → candidates for onboarding shortly.”
Ethena’s framework requires assets to meet strict standards across open interest, liquidity, funding rate stability, and market maturity, including a baseline of $1 billion in open interest and deep spot and futures markets for efficient hedging. It also enforces funding rate stability thresholds and a minimum of 12 months of continuous trading with strong liquidity. In its first review, $XRP, $HYPE, and $BNB qualified, while SUI and ADA failed to meet open interest and liquidity benchmarks.