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OKX CEO Star: USDe is not a 1:1 pegged stablecoin, essentially a tokenized hedge fund
Summary: OKX CEO Star stated on X platform that Ethena Labs has performed well in portfolio and risk management, with its transparency setting an industry benchmark. OKX has listed the ENA token and may support USDe in the future, also being an early angel investor in Ethena. Star emphasized that USDe should not be seen as ...
OKX CEO Star stated on X platform that Ethena Labs has performed well in portfolio and risk management, with its transparency setting an industry benchmark. OKX has listed the ENA token and may support USDe in the future, also being an early angel investor in Ethena. Star emphasized that USDe should not be seen as a 1:1 pegged stablecoin, but rather as a tokenized hedge fund, typically using low-risk strategies like Delta-neutral basis trading or money market investments, with inherent risks such as auto-deleveraging (ADL), exchange failures, and custody vulnerabilities. He stressed that labeling USDe as a stablecoin or describing its price fluctuations as 'unpegging' is misleading, as USDe was not designed to maintain a fixed anchor to the US dollar. If exchanges plan to include it in collateral systems, they must establish comprehensive and dynamic risk control mechanisms.
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Link: OKX CEO Star: USDe is not a 1:1 pegged stablecoin, essentially a tokenized hedge fund [Copy]
