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

• 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.

It’s an objective analysis.

First of all, Ethena Labs has done an impressive job in both portfolio and risk management — their transparency s…

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