BNB Collateral Drama: XRP and HYPE Eyeing the Spotlight 🎭

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Oh, darling, gather ’round for the latest in crypto theatrics! Ethena’s USDe, the third-largest stablecoin by market cap (yes, that one), has decided to let BNB join its exclusive collateral club. And, hold onto your pearls, whispers of XRP and HYPE making their grand entrance are already swirling like gossip at a garden party. 🌸

Ethena Throws Open the Doors for BNB, Flirts with XRP and HYPE

On Friday, Ethena Labs, with all the theatrical flair of a West End debut, announced their shiny new Eligible Asset Framework-a snazzy title for a system that decides which assets get to prop up USDe’s perpetual futures collateral reserves. And wouldn’t you know it? BNB is the first to take a bow on this glittering stage. Bravo, darling, bravo! 👏

Now, let’s not forget that Ethena’s USDe is no small fry-it’s currently flaunting a market cap of $11.753 billion as of Aug. 22, having swelled by 80.87% in just 30 days. Assets already backing USDe include the usual suspects like ETH liquid staking tokens, bitcoin (BTC), solana (SOL), and stablecoins such as USDC and USDT. Quite the ensemble cast, wouldn’t you say? 🎭

But wait, there’s more! After giving BNB its golden ticket, Ethena coyly hinted that two other coins are waiting in the wings. The announcement read:

“Other assets that are approved under the new framework: XRP and HYPE meet all thresholds → candidates for onboarding shortly.”

Oh, how thrilling! 😍 Of course, Ethena’s framework isn’t just handing out invitations willy-nilly. No, no, no. Each asset must pass rigorous tests-open interest, liquidity, funding rate stability, and market maturity, to name a few. They even demand a minimum of $1 billion in open interest and a year of continuous trading. It’s like auditions for the Royal Ballet, darling! 🩰

In this round, XRP, HYPE, and BNB earned their stripes, while SUI and ADA were sent packing with a polite “thank you, next.” How deliciously dramatic! 🍿

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2025-08-23 01:28