Ena Crypto Surge— Ethena Adds BNB, XRP & HYPE to Expand USDe Collateral—TVL Hits Record $12 B

In a major power-up for its stablecoin game, Ethena Labs has added some big name cryptocurrencies BNB, XRP, and Hyperliquid’s HYPE as backing for its synthetic dollar, USDe. This move helped push the protocol’s total value locked (TVL) to a record $12 billion and gave its governance token, ENA Crypto, a nice 15% boost to around $0.63.

By allowing more types of collateral, Ethena aims to make USDe more stable and competitive against giants like Tether and Circle. The expansion is part of their new Eligible Asset Framework, rolled out on August 22, 2025, designed to strengthen trust and usability. Now everyone’s wondering.
Will this diversified approach keep USDe growing so fast? Or could future regulations slow it down?

How ENA Crypto USDe Stablecoin Actually Works 

You might be wondering how USDe is different from stablecoins like USDT or USDC. It all comes down to a smart strategy Instead of being backed by dollars in a bank, USDe is backed by crypto assets like Bitcoin, Ether, and now BNB, XRP, and HYPE. Ethena uses a financial strategy called “delta-hedging” with perpetual futures contracts to keep its value pegged at $1.

The Strict Rules for New Collateral

Ethena doesn’t just add any coin. Their Risk Committee has super strict rules to make sure everything is safe and liquid. To be considered, an asset must have:

• A huge amount of trading activity.

• High daily trading volume .

• Deep, liquid markets to prevent big price slips.

BNB was the first to meet all these tough conditions, with XRP and HYPE following right after. By adding more types of collateral, Ethena aims to make USDe more robust against market swings. Founder Guy Young is super optimistic, saying USDe’s supply could hit $20 billion in just a few months if the market plays along!

The Market Went Wild! 

The response to Ethena’s news was huge and immediate. The price of its ENA Crypto token shot up from $0.63 to $0.73, and trading volume exploded to over $611 million as everyone jumped into action.

USDe itself smashed through a major milestone, pushing its Total Value Locked past $12 billion. This solidifies its position as the third-largest stablecoin, right behind the giants Tether (USDT) and Circle (USDC). On-chain data shows that institutional investors moved over $40 million worth of ENA Crypto to exchanges. This usually means one of two things: some were cashing out profits, while others were likely moving their tokens to stake them and earn rewards.

A key part of Ethena’s success is its more traditional stablecoin, USDtb. Launched in late 2024, it’s backed mostly by BlackRock‘s tokenised money market fund (BUIDL). This provides a safer, regulated anchor for the system, especially during rocky market periods, and helps give users and big investors more confidence.

Why Adding XRP & BNB is a Big Move

 

Ethena’s decision to use XRP and BNB as collateral is strategic, but not without its risks. Both assets are under regulatory scrutiny, which could pose challenges. So why include them? Liquidity. XRP, for example, has massive trading activity with over $300 million in average open interest. This deep liquidity is crucial for Ethena’s hedging strategy to work smoothly. Meanwhile, adding HYPE brings a more speculative, high-growth element into the mix, concentrated heavily on its own decentralised exchange.

Ethena didn’t just pick these coins at random. They used a strict, data-driven process powered by CoinGlass’s Open API to evaluate potential collateral. Tokens like SUI and ADA didn’t make the cut because they didn’t meet the tough liquidity requirements. This selective approach helps ensure that only the strongest, most liquid assets back USDe, making the stablecoin more secure and reliable.

This move is part of a larger shift in the stablecoin world toward diversified collateral. As global regulators increase oversight especially after the crypto crackdowns of 2024 projects like Ethena are adapting by choosing transparent, data-backed methods to build trust and ensure stability. By blending established tokens with newer, high-performance assets, Ethena isn’t just growing it’s evolving how stablecoins can stay both innovative and secure.

Ethena’s Meteoric Rise: From Launch to $12B TVL

Ethena’s journey has been nothing short of explosive. Here’s a quick timeline of its key milestones:

• Feb 2024 – USDe launches with $220M TVL.

• Apr 2024 – ENA hits exchanges at $0.64.

• Dec 2024 – USDtb rolls out with BlackRock’s backing.

• Aug 2025 – BNB, XRP, and HYPE join as collateral, catapulting TVL to $12B.

Analysts believe USDe’s supply could hit $20B by late 2025, powered by strong funding rates and big institutional inflows. On the governance side, ENA tokens play a vital role holders elect Risk Committee members every six months, giving the community direct input in shaping Ethena’s risk framework. With 6.6B tokens circulating out of a 15B max supply, ENA isn’t just a token it’s a stake in Ethena’s growing ecosystem.

What Ethena’s Rise Tells Us About the Future of Stablecoins

Ethena’s impressive growth is a sign of how decentralised finance (DeFi) is maturing. Unlike traditional stablecoins that rely on banks, synthetic dollars like USDe use a mix of cryptocurrency assets to maintain their value. This approach is innovative, but it also comes with unique challenges and opportunities.

By combining established tokens like BNB and XRP with newer, more volatile assets like HYPE, Ethena is pushing the boundaries of what a stablecoin can be. This strategy aims to maximise liquidity and stability, but it also requires extremely careful risk management especially as regulators around the world pay closer attention to crypto. With ENA Crypto token holders helping guide major decisions like electing Risk Committee members Ethena is building a system that values transparency and collective input. This community-driven approach could become a model for other projects in the DeFi space.

If Ethena can successfully balance its ambitious growth with smart risk and regulatory strategies, it could play a key role in redefining how stablecoins are built and used. The goal isn’t just to grow quickly it’s to create a stable, sustainable financial tool for the future.

FAQs

1. What is ENA crypto? ENA Crypto is the governance token of Ethena Labs, enabling voting on its USDe synthetic dollar protocol, with a 15 billion total supply and $0.73 price post-surge.

2. Why did ENA’s price surge 15%? Ethena’s addition of BNB, XRP, and HYPE as USDe collateral on August 22, 2025, boosted confidence, pushing ENA to $0.73 with $614 million in trading volume.

3. What is USDe, and how does it work? USDe is Ethena’s synthetic dollar, pegged to $1 using delta-hedged crypto assets (BTC, ETH, BNB, XRP, HYPE) and short perpetual futures for stability.

4. How does the new collateral framework impact USDe? Adding liquid assets like BNB and XRP, vetted for high open interest and volume, enhances USDe’s stability, driving its TVL to a record $12 billion.

5. What are the risks of Ethena’s strategy? XRP’s regulatory issues and HYPE’s volatility could destabilize USDe’s peg during market downturns, despite stringent liquidity criteria.