Ethena Updates Approval Rules for USDe Borrowers

Ethena has implemented a new institutional framework for lending assets that support USDe. The trading team now has the authority to select borrowers without requiring an individual vote from the Risk Committee for each case.

The committee retains oversight powers and can intervene if it identifies flaws in the established criteria. Borrower documentation must be submitted privately to the committee at least three business days before the first transfer of funds.

The new guidelines require full collateralization or corporate guarantees from borrowers. The process includes rigorous jurisdiction checks, sanctions screening, and the use of tripartite custody for collateral assets. Daily collateral reports are mandatory to ensure operational transparency.

The model allows the use of Bitcoin and Ethereum as collateral while excluding assets such as USDe itself or ENA tokens. The trading team sets lending rates relative to collateral value with monthly reviews submitted to the responsible committee.

The published document does not establish an aggregate numerical cap for loans or concentration limits per borrower. Central governance remains responsible for defining global exposure limits without public disclosure of maximum values.