Ethena Adds BNB to $11.75B USDe Collateral Framework

* Ethena adds Binance's BNB as new collateral for USDe synthetic dollar. * New governance framework to evaluate future inclusion of other large-cap tokens. According to a report by The Block on August 22, 2025, Ethena officially approved Binance’s BNB as an eligible collateral asset for its $11.75 billion synthetic dollar, USDe. This approval falls under the company's new “Eligible Asset Framework,” an initiative that marks a strategic pivot to broaden collateral options beyond bitcoin and ether. The framework requires all assets to meet stringent quantitative benchmarks and undergo governance reviews. The framework also suggests a potential expansion of supported assets. Ethena’s risk committee has identified that XRP and Hyperliquid’s HYPE token meet preliminary thresholds. However, both assets must undergo further evaluations before final inclusion. This process reflects a deliberate and cautious approach to collateral diversification. This decision underscores the growing global adoption of large-cap cryptocurrencies, especially in regions like the Gulf. Notably, RAKBANK, a prominent UAE financial institution, recently included Binance’s BNB in its retail crypto trading feature. BNB is among the first 8 cryptocurrencies the bank supports through its mobile app. As of August 22 at 16:08 UTC, Binance Coin (BNB) traded at $879.14, a 4.43% increase in its 24-hour trading volume. Hyperliquid (HYPE) was priced at $43.96, a 7.03% gain in 24 hours, while XRP reached $3.05 after a 5.43% uptick. Meanwhile, Ethena’s USDe token remained steady at $1.001, showing minimal movement with a 0.005% change in trading activity. These figures, provided by the latest market surveillance, highlight the dynamic interplay of large-cap crypto assets in evolving financial ecosystems.