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“Not a Depeg but a Tokenized Hedge Fund”: OKX CEO Defends Ethena After USDe Crash


by Anisha Pandey
for CoinEdition
Star Xu calls USDe a tokenized hedge fund after Ethena Labs price drop
  • 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.

Read the article at CoinEdition

Read More

Citi Builds a Regulated Custody Services Track for 2026 as RWA Tokenization Grows

Citi Builds a Regulated Custody Services Track for 2026 as RWA Tokenization Grows

Citi plans to launch digital asset custody in 2026, moving into a field mainstream ba...
WLFI Jumps 20% As USD1 Grows And A 10 Million USD1 Buyback Lifts Price

WLFI Jumps 20% As USD1 Grows And A 10 Million USD1 Buyback Lifts Price

After a historic deleveraging last week, tokens with real traction bounced and WLFI l...

“Not a Depeg but a Tokenized Hedge Fund”: OKX CEO Defends Ethena After USDe Crash


by Anisha Pandey
for CoinEdition
Star Xu calls USDe a tokenized hedge fund after Ethena Labs price drop
  • 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.

Read the article at CoinEdition

Read More

Citi Builds a Regulated Custody Services Track for 2026 as RWA Tokenization Grows

Citi Builds a Regulated Custody Services Track for 2026 as RWA Tokenization Grows

Citi plans to launch digital asset custody in 2026, moving into a field mainstream ba...
WLFI Jumps 20% As USD1 Grows And A 10 Million USD1 Buyback Lifts Price

WLFI Jumps 20% As USD1 Grows And A 10 Million USD1 Buyback Lifts Price

After a historic deleveraging last week, tokens with real traction bounced and WLFI l...