According to online reports, OKX CEO Star issued an article on the X platform saying that Ethena Labs has performed well in both portfolio and risk management, and its transparency should become the industry benchmark. The OKX exchange has launched ENA tokens and may consider supporting USDe in the future. In fact, OKX is also one of Ethena's small angel investors. Still, one thing needs to be clear to the market: USDe should not be regarded as a 1:1 anchored stablecoin, it is essentially a tokenized hedge fund. Such funds usually adopt relatively low-risk strategies such as Delta-neutral basis trading and money market investments, but there are still inherent risks, including automatic lightening (ADL) events, exchange-related incidents, and custodian security vulnerabilities. It is inaccurate to label USDe as a "stablecoin" or describe recent market price fluctuations as "unanchored". The original intention of tokenized hedge funds is not to maintain a strict fixed anchored relationship with the US dollar. If any exchange decides to include USDe in its collateral system, it must implement sound and dynamic risk mitigation controls. Treating USDe as a simple 1:1 stable asset may pose systemic risks to the entire cryptocurrency industry in the future.