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- Ethena (ENA) jumped over 13 in 24 hours after BNB was approved as the first new asset backing USDe.
- ENA extended its 30-day rally to 68.5%, outperforming the broader crypto market’s 4.01% gain.
The ENA token surged 13.28% in the last 24 hours, surpassing the crypto market average of around 4%.
Not only that, in the last 30 days, ENA’s rally has reached a staggering 68%. This surge wasn’t a surprise, as Ethena Labs recently announced something quite significant—BNB was officially accepted as collateral for the USDe stablecoin, following a selection process based on their new Eligible Asset Framework.
The Ethena Risk Committee have established the Eligible Asset Framework, which represents a new approach to widening approved backing assets specifically for the perpetual futures portion of the collateral backing of USDe.
As part of the new framework, BNB has been approved as… pic.twitter.com/SiT0Dt549E
— Ethena Labs (@ethena_labs) August 22, 2025
Market Cheers as Ethena Tightens Grip on USDe Stability
This framework was designed by Ethena Labs’ Risk Committee to screen crypto assets worthy of backing USDe’s value. The requirements? Quite stringent. Assets must have a two-week average open interest of $1 billion, plus daily spot and perpetual volumes of at least $100 million each.
Not to mention the market depth requirement, which is also not to be underestimated. But BNB appears to have passed without a hitch, and was immediately announced as the first asset to be listed.
BNB’s inclusion clearly expands the reach of the Ethena ecosystem. Interestingly, however, the market reaction to this news was more pronounced in the price of ENA.
This may be a signal that investors see Ethena as increasingly serious about maintaining USDe stability. Moreover, this stablecoin is now the third-largest in the world, with a supply approaching $12 billion. According to its founder, Guy Young, the next target could reach $20 billion. Ambitious? Possibly. But not impossible, given the continued market support.
XRP and HYPE Peek In, SUI and ADA Rejected
Meanwhile, XRP and HYPE have reportedly also entered the evaluation radar and meet all requirements. However, Ethena has not officially announced whether they will follow BNB.
Meanwhile, two other major tokens—SUI and ADA—were rejected because they were deemed to not meet sufficient volume and liquidity requirements.
Meanwhile, Ethena is also increasingly active in expanding its product offerings. In early August, CNF reported on Ethena’s partnership with Pendle, which allows users to lock in a fixed yield through a Principal Token (PT), then borrow against that PT on Aave to multiply their returns.
This strategy has already attracted $4.3 billion, which represents 60% of the total USDe supply. Pretty substantial, right?
Not only that, but last July, we also highlighted Ethena’s collaboration with Anchorage to issue the US-compliant USDtb stablecoin. This stablecoin is intended to be the first candidate to comply with domestic payment regulations under the GENIUS Act.
That same month, Strata joined forces with Ethena Network to design structured finance products based on sUSDe and real-world assets—a kind of investment package with exposure tailored to each risk profile.
