Star: The market should not view USDe as a stablecoin pegged 1:1; it is essentially a tokenized hedging fund.

Golden Finance reports that OKX CEO Star posted on the X platform that Ethena Labs has performed excellently in both portfolio and Risk Management, and its transparency should become an industry benchmark. The OKX exchange has launched the ENA Token, and it may consider supporting USDe in the future. In fact, OKX is also one of the small angel investors in Ethena. Nevertheless, it must be made clear to the market that USDe should not be viewed as a 1:1 pegged stablecoin; it is essentially a tokenized hedge fund. Such funds typically adopt relatively low-risk strategies such as Delta neutral basis trading and money market investments, but there are still inherent risks, including Automatic Deductions (ADL) events, exchange-related incidents, and custodian security vulnerabilities. Labeling USDe as a “stablecoin” or describing its recent market price fluctuations as “depegging” is inaccurate. The original intention of tokenized hedge funds is not to maintain a strictly fixed peg to the US dollar. If any exchange decides to incorporate USDe into its collateral system, it must implement sound and dynamic risk management measures. Treating USDe as a simple 1:1 stable asset may pose systemic risks to the entire cryptocurrency industry in the future.