Ethena added BNB to the collateral assets of the USDe stablecoin.

# Ethena added BNB to the collateral assets of the USDe stablecoin

The risk committee of the Ethena Labs protocol has presented the "Acceptable Assets Framework" to back the synthetic stablecoin USDe. The first token approved under the program was BNB.

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 have also been recognized as meeting the established criteria. The coins are candidates for support "in the near future."

Ethena uses a popular TradFi strategy of delta-neutral trading and portfolio management to ensure the stability of USDe. Collateral assets are used to open equivalent short positions in perpetual contracts.

Traders in the options market often resort to this approach to control the risks associated with changes in the price of the underlying asset. The strategy is considered safe under favorable market conditions.

Ethena has established a number of minimum requirements for cryptocurrencies to ensure compliance within the new framework. The criteria include average daily total open interest in perpetual contracts, trading volumes in spot and derivatives markets, as well as order book depth in both markets.

"The committee will regularly provide updated information on assets that meet these criteria and are acceptable in terms of risk. Approval does not necessarily mean that the asset will be immediately accepted for use," clarified project representatives.

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

Source: CoinGecko. Let us remind you that Ethena reported a total revenue of over $500 million. Revenue and USDe supply growth accelerated since July.