OKX CEO Star: USDe is not a 1:1 pegged stablecoin, but essentially a tokenized hedge fund

ChainCatcher news, OKX CEO Star posted on the X platform that Ethena Labs has excelled in portfolio and risk management, and its transparency should set the industry standard. OKX has launched the ENA token and may support USDe in the future, while also being one of Ethena's early angel investors.

Star pointed out that the market should not view USDe as a 1:1 pegged stablecoin; its essence is a tokenized hedge fund that typically employs relatively low-risk strategies such as delta-neutral basis trading or money market investments, but it still carries inherent risks, including automatic deleveraging (ADL), exchange failures, and custody security vulnerabilities. He emphasized that labeling USDe as a "stablecoin" or referring to its price fluctuations as "de-pegging" is misleading, as the design intention of USDe is not to maintain a fixed peg to the US dollar. If exchanges plan to incorporate it into their collateral systems, they must establish a comprehensive and dynamic risk control mechanism.