Ethena greenlights BNB for USDe backing under new framework, signals possible XRP and HYPE onboarding

Ethena’s risk committee has approved Binance’s BNB as the first new asset eligible to back USDe’s perpetual-futures collateral, rolling out a formal “Eligible Asset Framework” that sets quantitative thresholds and governance rules for expanding support beyond ether and bitcoin.

The committee added that XRP and Hyperliquid’s HYPE meet initial thresholds, noting they could be onboarded next, pending risk reviews and implementation.

USDe is Ethena’s “synthetic dollar,” designed to hold its peg by pairing dollar assets with delta-hedged crypto exposure via perpetual futures. As of Friday, it’s the third-largest stablecoin with an $11.75 billion circulating supply, The Block’s data shows.

The new framework allows a portion of those hedges to reference additional large-cap assets that clear liquidity, lend/borrow, and market-structure checks. USDe’s remaining backing continues to rely on existing venues and instruments, according to the governance post. Also, the committee published the criteria and a standing process for candidates, aiming to widen collateral sources without compromising risk controls.

Expanding USDe’s collateral options to include Binance’s exchange token coincides with BNB’s growing footprint in the Gulf region. UAE lender RAKBANK has launched retail crypto trading in its mobile app, adding BNB among the first eight assets supported in the rollout.

BNB was little changed after the news on Aug. 22, changing hands 4% off its recent all-time high and trading for $850 per coin, according to The Block's price page.