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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.