OKX CEO Star posted on the X platform that Ethena Labs has performed well in both portfolio and risk management, and its transparency should become an industry benchmark. The OKX exchange has listed ENA tokens and may also consider supporting USDe in the future. In fact, OKX is also one of Ethena's small angel investors.
However, it is still necessary to make it clear to the market that USDe should not be regarded as a 1:1-pegged stablecoin. It is essentially a tokenized hedge fund.
These funds typically use relatively low-risk strategies such as Delta neutral basis trading and money market investing, but there are still inherent risks, including automatic position reduction (ADL) events, exchange-related accidents, and custodian security bugs.
It is inaccurate to label USDe a "stablecoin" or to describe its recent market price movements as "de-anchored". Tokenised hedge funds are not designed to maintain a strictly fixed anchor relationship with the dollar.
If any exchange decides to include USDe in its collateral system, it must implement sound and dynamic risk mitigation controls. Treating USDe as a simple 1:1 stable asset could pose systemic risks to the entire cryptocurrency industry in the future.
Star: Markets should not view USDe as a 1:1-anchored stablecoin, essentially a tokenized hedge fund
2025-10-13 03:53:04
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