TechFlow news, October 13 — OKX CEO Star posted on social media stating that Ethena Labs has demonstrated excellence in portfolio and risk management, and its transparency should serve as an industry benchmark. OKX has already listed the ENA token and may consider supporting USDe in the future. In fact, OKX is also a small angel investor in Ethena.
Star emphasized that USDe should not be viewed as a 1:1 pegged stablecoin but rather understood as a tokenized hedge fund. Such funds typically employ relatively low-risk strategies such as delta-neutral basis trades or money market investments, yet still carry inherent risks including ADL events, exchange-related incidents, and custody security breaches.
Star pointed out that labeling USDe as a "stablecoin" or describing recent market volatility as "depegging" is inaccurate, as tokenized hedge funds were never designed to maintain a hard peg to the dollar. If exchanges decide to include USDe in their collateral frameworks, they must implement strong dynamic risk mitigation controls; otherwise, it could pose systemic risks to the entire crypto industry.
