[OKX CEO: USDe is Essentially a Tokenized Hedge Fund, Not a Traditional 1:1 Pegged Stablecoin]
OKX CEO Star posted on the X platform, stating that the market needs to clearly understand the nature of USDe, which is essentially a tokenized hedge fund rather than a traditional 1:1 pegged stablecoin. Star emphasized that Ethena Labs has demonstrated excellence in portfolio management and risk control, and its transparency should serve as an industry benchmark. The OKX exchange has already listed the ENA token and may support USDe in the future. Additionally, OKX is one of Ethena's minor angel investors.
Star further explained that USDe employs low-risk strategies such as delta-neutral basis trading and money market investments, but it still carries inherent risks, including automatic liquidation events, exchange incidents, and security vulnerabilities of custodians. Viewing USDe as a stablecoin or describing its price fluctuations as "de-pegging" is inaccurate. If exchanges incorporate USDe into their collateral systems, dynamic risk control measures must be implemented; otherwise, systemic risks may arise.