Ethena’s trading team can approve borrowers of assets backing USDe under new rules
Ethena’s October 29 framework lets its trading team approve qualifying institutional borrowers of assets backing USDe without a separate Risk Committee vote. Borrowers must meet requirements including full recourse or a parent guarantee, sanctions and jurisdiction checks, segregated third-party custody, and daily collateral reporting. The committee retains oversight and can call in a case for review; lending outside the framework still requires committee approval. The rules exclude several Ethena-related tokens as collateral and publish no numerical overall or per-borrower lending cap. The framework identifies no newly funded borrower, and a November 1 dashboard capture showed no borrower-level exposure or collateral data. Existing arrangements remain in place, but their structures may differ from the new criteria. Reported lending percentages use different dates and denominators and should not be treated as a direct increase.
