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 an early angel investor in Ethena. Star noted that the market should not view USDe as a 1:1 stablecoin. It is essentially a tokenized hedge fund, often employing relatively low-risk strategies such as delta-neutral basis trading or money market investments. However, it still carries inherent risks, including automatic deleveraging (ADL), exchange failures, and custodial security vulnerabilities. He emphasized that labeling USDe a "stablecoin" or describing its price fluctuations as "depegging" is misleading. USDe was not designed to maintain a fixed peg to the US dollar. If exchanges plan to include it in their collateralization systems, they must establish comprehensive and dynamic risk control mechanisms.