Ethena Labs has significantly expanded the collateral framework for its synthetic dollar stablecoin, USDe, by officially adding Binance Coin (BNB) as a backing asset and identifying XRP and Hyperliquid's HYPE as potential future candidates. This strategic move is governed by a newly introduced Eligible Asset Framework that sets rigorous quantitative benchmarks for any asset to be deemed suitable for inclusion.
The framework mandates that any considered asset must demonstrate more than $1 billion in open interest over a two-week period, at least $100 million in combined daily spot and perpetual trading volume, and sufficient market depth. This includes approximately $500,000 in spot depth and $10 million in perpetual depth, averaged over two weeks. These high criteria are designed to mitigate the risk of slippage and execution delays during the protocol's portfolio rebalancing activities.
BNB is the first new asset to be approved under this framework, marking a pivotal expansion beyond the initial Bitcoin (BTC) and Ethereum (ETH) holdings. The inclusion of BNB brings enhanced diversification, substantial liquidity from its large market capitalization, and strengthens ties with the Binance ecosystem.
Concurrently, Ethena founder Guy Young has shared an ambitious growth outlook for USDe, predicting its supply could reach $20 billion. This projection is bolstered by the stablecoin's recent performance; its circulation nearly doubled during the Federal Reserve's late-2024 easing cycle when funding spreads against Treasury bills jumped from near zero to over 20% in weeks. Young believes similar conditions in the current cycle could propel USDe past the $20 billion mark within a month. This optimism is further supported by USDe's recent listing on Coinbase, significantly improving its accessibility in the U.S. market. With a current circulating supply of $11.8 billion, USDe is now the third-largest stablecoin, trailing only USDT and USDC.