The Ethena Labs synthetic dollar protocol expands the list of assets that can serve as collateral for its stablecoin USDe. For the first time, the token $BNB is included in the basket, while $XRP and $HYPE are recognized as meeting the criteria for future addition.

New asset valuation standard

At the same time, #ethena presented the Eligible Asset Framework — rules for selecting tokens as collateral for USDe. This approach is based on strict liquidity and market maturity metrics.

Key thresholds include:

  • Average open interest (OI) above $1 billion over two weeks, with a minimum of $500 million on one platform

  • Daily trading volumes in spot and futures above $100 million

  • Order book depth of at least $0.5 million in spot and $10 million in perpetual contracts

  • Stable funding rates and a minimum of 12 months of futures market operation

In other words, assets must prove their resilience and maturity before entering the USDe reserve.

BNB has passed, XRP and HYPE are next in line

BNB became the first token outside of the 'classic majors' to pass all criteria and receive approval. XRP and HYPE also meet the requirements, however, final inclusion will require a separate risk assessment and approval from Ethena management.

The testing was conducted on #Binance , Bybit, OKX, and on the decentralized exchange Hyperliquid. XRP, SUI, HYPE, ADA, and BNB were considered. Ultimately, SUI and ADA were rejected due to insufficient liquidity and open interest, despite the volatility.

Significance for USDe and the stablecoin market

The expansion of collateral assets makes the USDe system more resilient and competitive. Today, the issuance volume of USDe exceeded $11.8 billion, placing it among the largest stablecoins by market capitalization.

At the same time, Ethena positions itself as a protocol with transparent and formal governance. This is important against the backdrop of tightening regulations on stablecoins in various countries.

Market reaction

Experts received the move with cautious optimism. On one hand, the inclusion of BNB and the potential addition of XRP enhance the appeal of USDe to a broad range of investors. On the other hand, both tokens are under regulatory scrutiny, which may create additional risks.

Even more questions arise regarding the potential integration of HYPE: despite meeting liquidity criteria, the asset remains volatile and less predictable.

What's next?

Ethena will continue to gradually expand the basket of assets, strengthening the position of USDe in the market. If XRP and HYPE are ultimately included, it will set a precedent for the industry: for the first time, high-risk altcoins will appear as collateral for a major synthetic stablecoin.

Such a move would emphasize the protocols' readiness to seek a balance between transparency, sustainability, and user appeal.