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

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 […] Read The Full Article “Not a Depeg but a Tokenized Hedge Fund”: OKX CEO Defends Ethena After USDe Crash On Coin Edition.