According to Odaily Planet Daily, OKX CEO Star stated in a post on the X platform that Ethena Labs excels in portfolio and risk management, and its transparency should set an industry benchmark. OKX has already listed the ENA token and may support USDe in the future. It is also one of Ethena's early angel investors.

Star pointed out that the market should not regard USDe as a 1:1 anchored stablecoin. Its essence is a tokenized hedge fund that usually adopts relatively low-risk strategies such as delta-neutral basis trading or money market investment, but there are still inherent risks, including automatic deleveraging (ADL), exchange failures and custody security vulnerabilities.

He emphasized that labeling USDe as a "stablecoin" or calling its price fluctuations "depegging" is misleading. USDe was not originally designed to maintain a fixed peg to the US dollar. If exchanges plan to include it in their collateralization system, they must establish a comprehensive and dynamic risk control mechanism.