Ethena Labs Introduces XRP and HYPE as Supporters of USDe Under New Framework

Approval of Tokens: Ethena Labs has approved XRP and HYPE as eligible backing assets for its synthetic dollar, USDe, after they surpassed trading volume and liquidity benchmarks.

Evaluation Criteria: The approval process utilized a quantitative framework developed by Ethena’s Risk Committee, focusing on liquidity, open interest, and market depth, with data sourced from centralized exchanges and the Coinglass API.

Performance Metrics: Both XRP and HYPE exceeded the required benchmarks, achieving over $1 billion in two-week average open interest and maintaining daily trading volumes above $100 million.

Rejection of Other Tokens: SUI and ADA were not approved as backing assets due to failing to meet the necessary liquidity and open interest criteria outlined in the Eligible Asset Framework.