Star: The market should not view USDe as a 1:1 anchored stablecoin, but essentially a tokenized hedge fund
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最新报道：According to Bijie.com, OKX CEO Star stated in a post on the X platform that Ethena Labs has demonstrated outstanding performance in both investment portfolio and risk management, and its transparency should set an industry benchmark. The OKX exchange 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. However, it's important to clarify to the market that USDe should not be viewed as a 1:1 pegged stablecoin; it is essentially a tokenized hedge fund. While these funds often employ relatively low-risk strategies like delta-neutral basis trading and money market investments, they still carry inherent risks, including auto-deleveraging (ADL) events, exchange-related incidents, and custodian security breaches. Labeling USDe a "stablecoin" or describing its recent market price fluctuations as "depegging" is inaccurate. Tokenized hedge funds are not designed to maintain a strict fixed peg to the US dollar. Any exchange that decides to include USDe in its collateral system must implement robust and dynamic risk mitigation controls. Treating USDe as a simple 1:1 stable asset may bring systemic risks to the entire cryptocurrency industry in the future.
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