Ethena Expands USDe Framework with BNB Approval

• BNB joins Bitcoin and Ethereum under Ethena’s "Eligible Asset Framework."
• XRP and HYPE are under review for potential inclusion.

On August 22, 2025, Ethena’s risk committee approved Binance’s BNB as collateral for USDe, its synthetic stablecoin pegged to the U.S. dollar. This move aligns with Ethena’s "Eligible Asset Framework," designed to expand and diversify the collateral pool for USDe beyond Bitcoin and Ethereum.

The framework evaluates potential assets on criteria like market liquidity and depth to ensure stability. XRP and Hyperliquid’s HYPE have also met initial requirements and are being assessed for future inclusion, pending further review.

Ranked as the third-largest stablecoin with a market capitalization of $11.75 billion, USDe’s adoption of BNB highlights Ethena’s efforts to diversify its asset backing. This decision reflects broader market trends focusing on stablecoins with stronger and more varied collateral bases to enhance security and user confidence.

The inclusion of BNB is particularly notable in regions like the UAE, where its adoption has gained traction. RAKBANK recently integrated BNB into its retail crypto trading platform, broadening its utility. Following the announcement, BNB’s price held steady at around $850, remaining 4% below its recent all-time high.

As of August 22, 2025, 15:12 UTC, Binance Coin (BNB) is trading at $876.79, with a 3.2% rise in 24-hour trading volume. Meanwhile, XRP trades at $3.03, reflecting a 5.01% change, and Hyperliquid’s HYPE is priced at $43.93, up 6.38%. USDe maintains its peg, trading at $1.001 with minimal fluctuation.

Ethena’s strategic framework and asset diversification signal a commitment to ensuring stability and innovation within the stablecoin ecosystem. The approval of BNB reinforces USDe's position in an evolving market, paving the way for further expansion of its asset base.