Ethena Adds BNB to USDe Stablecoin Collateral Assets

The Ethena Labs Risk Committee introduced an "Eligible Asset Framework" for USDe, with BNB as the first approved token.

The Ethena Labs Risk Committee has introduced an “Eligible Asset Framework” to back the synthetic stablecoin USDe. BNB is the first token approved under this programme.

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

According to the statement, XRP and HYPE also meet the established criteria. These coins are candidates for support “in the near future.”

Ethena employs a delta-neutral trading and portfolio management strategy, popular in TradFi, to maintain USDe’s stability. Collateral assets are used to open equivalent short positions in perpetual contracts.

This approach is frequently used by options market traders to manage risks associated with price changes of the underlying asset. The strategy is considered safe under favourable market conditions.

Ethena has set a series of minimum requirements for cryptocurrencies to qualify under the new framework. Criteria include average daily total open interest in perpetual contracts, spot and derivatives trading volumes, and order book depth in both markets.

“The committee will regularly provide updated information on assets that meet these parameters and are acceptable from a risk perspective. Approval does not necessarily mean the asset will be immediately adopted,” project representatives clarified.

According to CoinGecko, USDe’s market capitalisation is nearly $12 billion. The stablecoin confidently holds the third position in the segment.

Ethena reported a cumulative revenue exceeding $500 million. Revenue growth and USDe supply accelerated since July.