Ethena’s trading team can approve borrowers of assets backing USDe under new rules

Ethena’s October 29 institutional-lending framework sets out a route for its trading team to onboard qualifying borrowers of assets backing USDe without an individual Risk Committee vote.The posted rules describe a change in approval authority over lending that helps back Ethena’s synthetic dollar. For USDe holders, published eligibility rules and exposure disclosures offer a way to assess that credit risk. The committee retains oversight, with borrower documents sent to it privately.The framework posted by Kairos Research describes the delegated route; it identifies no newly funded borrower using it.Screening moves to the trading team under the published routeEligibility combines bilateral lending with full recourse to the borrower or a parent guarantee, jurisdiction and standing checks, sanctions screening, segregated tri-party custody and verifiable daily collateral reports. The custody arrangement puts collateral with a third party.Borrower documents go privately to the committee at least three business days before first funding. A member calling a borrower in must identify a failed criterion, with a decision within five business days. The committee therefore retains a criterio...