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
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