Ethena Launches Framework for USDe Backing With BNB Addition

Ethena Risk Committee launched its new Eligible Asset Framework on Aug. 22, with BNB emerging as the first major addition under the new system to back the USDe stablecoin.

The framework marks a shift toward formal criteria for backing assets that support the USDe, targeting perpetual futures backing assets, and setting minimum thresholds across five key metrics.

The committee established these requirements to ensure sufficient market depth and reduce execution risks for the protocol’s delta-neutral strategy.

Framework Sets Strict Standards

The Eligible Asset Framework established five core requirements for backing asset approval. Assets must maintain over $1 billion in aggregate open interest across Binance, Bybit, and OKX exchanges.

The committee requires at least 30% of total open interest concentrated on a single supported venue.

Open interest distribution prevents liquidity fragmentation across exchanges. Even assets meeting the $1 billion threshold face rejection if open interest spreads too thinly across venues.

Liquidity thresholds scale with Ethena’s intended position sizes. Bid-ask spreads must stay below 0.1% during normal market conditions.

Order book depth requirements demand 2-3 times Ethena’s planned position within 1% of mid-price.

Daily trading volume should reach 5 to 10 times the protocol’s position size. Funding rate stability became another crucial factor.

The framework monitors sign flips across 8-hour intervals and triggers concerns when changes exceed 20% over rolling three-month windows.

Assets must demonstrate over 12 months of continuous trading with open interest above $500 million.

BNB Joins Backing Asset Group

BNB’s inclusion represents a significant validation for Binance’s native token. The asset met all framework requirements, including the $1 billion aggregate open interest threshold across supported exchanges.

BNB demonstrated strong price performance throughout 2024 and 2025. The token started in January 2024 at $311.90 and reached an all-time high of $883.86 on Aug.

21, 2025, marking a 183% gain. BNB achieved this peak while broader crypto markets corrected.

The committee’s analysis showed BNB maintained adequate liquidity across spot and perpetual markets.

Daily spot volume exceeded the 100 million threshold, while perpetual trading volume met minimum requirements.

Yays and Nays Under New Rules

BNB, XRP, and HYPE passed the initial screening. Each met the $1 billion open interest requirement and demonstrated adequate liquidity across spot and perpetual markets.

BNB’s approval carried particular weight given Binance’s dominant exchange position. The token maintained strong liquidity metrics across both spot and perpetual markets.

XRP’s inclusion validated established altcoins under the new framework. The asset demonstrated consistent open interest above required levels and maintained adequate funding rate stability.

HYPE’s approval proved most unique among accepted assets. The committee incorporated data from Hyperliquid, recognizing the token’s concentrated liquidity on its native platform.

The committee rejected Sui (SUI) and Cardano (ADA) despite their market positions. Both assets failed key liquidity and open interest requirements during the assessment period.

SUI struggled with perpetual market depth while ADA lacked sufficient open interest concentration.

The framework’s strict thresholds eliminated several candidates that might have qualified under previous informal evaluation methods.

Ethena Rides Strong Momentum Wave

Ethena built significant momentum ahead of the framework launch. USDe supply jumped 34% between July and August, reaching an all-time high of $11.7 billion.

Further, the protocol crossed $500 million in cumulative gross interest revenue since March 2024 on Aug. 21.

Recent revenue performance positioned Ethena among the top DeFi protocols. The platform captured $33.2 million in revenue over the past 30 days, making it the sixth-largest protocol by this metric according to DefiLlama data.

The Eligible Asset Framework represents Ethena’s evolution from ad-hoc asset selection to systematic evaluation.

The committee is committed to regular updates on assets meeting framework criteria and risk approval standards.

BNB’s successful inclusion under these stricter requirements validates both the token’s market position and Ethena’s comprehensive risk management approach to backing asset diversification.

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