Ethena Labs has announced a new system for backing the USDe stablecoin, aiming to ensure its stability and expand the list of assets.
New Asset Framework for USDe
The Ethena Labs Protocol Risk Committee has unveiled the "Acceptable Asset Framework" designed to back the USDe stablecoin. BNB has been approved as the first asset under this framework.
According to the committee's statement, XRP and HYPE have also met the criteria and are now candidates for future support soon.
Collateral Requirements and Strategy
Ethena employs USDe, a popular stablecoin, to ensure stability through a delta-neutral trading strategy. Collateral assets such as BNB are used to open equivalent short positions on perpetual contracts, allowing for the management of price fluctuation risks.
The protocol has set specific minimum requirements for cryptocurrencies to be collateralized, including:
* Total daily open interest in perpetual contracts * Spot and derivatives trading volumes * Depth of order books in both markets
The committee will regularly update the list of assets that meet these risk parameters. "Approval doesn’t guarantee immediate usage," clarified Ethena representatives.
USDe's Growing Market Capitalization
According to CoinGecko, USDe’s market capitalization is currently approaching $12 billion, positioning it as the third-largest stablecoin by market cap.
This impressive market share reinforces USDe’s position in the competitive stablecoin landscape, giving it a firm foundation for continued growth and expansion.
Ethena's innovative asset framework may foster further growth for USDe, providing support for new assets and strengthening its market position.
