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“Not a Depeg but a Tokenized Hedge Fund”: OKX CEO Defends Ethena After USDe Crash
Oct 13, 2025
< 1 min read
by Anisha Pandey
for CoinEdition
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- OKX CEO Star Xu clarified that USDe is not a stablecoin but a tokenized hedge fund.
- Xu praised Ethena Labs for its risk management and transparency.
- He urged exchanges to apply robust risk controls before treating USDe as collateral.
OKX CEO Star Xu clarified that the sharp USDe price drop should not be seen as a stablecoin de-peg but as market stress on a synthetic-dollar instrument.
Xu called USDe a “tokenized hedge fund”, built by Ethena Labs, and said traders misread its structure as a risk-free yield-bearing stablecoin.
His response followed a detailed analysis from AltLayer founder YQ Jia, who suggested that the October 10–11 market crash might have been a coordinated attack on Binance and USDe holders.
Read The Full Article “Not a Depeg but a Tokenized Hedge Fund”: OKX CEO Defends Ethena After USDe Crash On Coin Edition.
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