Ethena Labs: XRP and HYPE Boost Synthetic Dollar USDe

Ethena Labs has further expanded its USDe by approving two new top assets. Explore how this move reflects protocol development and its implications for the stablecoin ecosystem.

Written by Charles Ledoux

Translated on August 26, 2025 at 11:06 by Simon Dumoulin

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Ethena ‘s Expansion of Eligible Asset Framework

After successfully integrating Binance Coin (BNB) into its ecosystem, Ethena Labs continues its strategy of diversifying the assets backing its synthetic dollar USDe. The company’s independent risk committee has now officially approved two new assets: Ripple (XRP) and Hyperliquid (HYPE).

🚨 JUST IN: $XRP set to be integrated as collateral for Ethena’s $11.8B USDe stablecoin. pic.twitter.com/D1jHyOIS6U
— RippleXity (@RippleXity) August 22, 2025

This decision, announced on August 22, is based on comprehensive market data analysis. Both assets have demonstrated their compliance with the strict criteria defined by Ethena’s new “Eligible Asset Framework,” particularly in terms of liquidity, open interest, and trading volume.

Mature and Resilient Assets

According to data provided by Ethena, XRP and HYPE both show a two-week average open interest exceeding $1 billion, far surpassing the minimum threshold required.

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

Their daily volumes, both in spot and perpetual contracts, have consistently remained above $100 million. Their market depth has also proven robust, allowing for significant transactions without substantial price slippage.

Notably, both assets have also succeeded in crossing the $300 million open interest threshold over 180 days, demonstrating their maturity and resilience in the face of market volatility. Conversely, despite their popularity, Sui (SUI) and Cardano (ADA) tokens were not selected by the committee.

A Protocol in Full Evolution

This new step in approving eligible assets illustrates Ethena’s commitment to gradually expanding the reserves backing its USDe. Following BNB, the integration of XRP and HYPE strengthens the diversification of this synthetic stablecoin, while reflecting the growing maturity of the protocol.

Beyond technical considerations, this decision demonstrates Ethena’s ability to adapt to market developments while relying on a rigorous and transparent approach. This dynamic should reinforce investor confidence in the project’s solidity.

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Charles Ledoux

Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.

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