Ethena’s institutional-lending framework of October 29 allows its trading team to approve eligible borrowers of assets backing USDe without an individual Risk Committee vote. Approval requires, among other things, bilateral lending with full recourse or a parent guarantee, jurisdiction and standing checks, sanctions screening, segregated tri-party custody and verifiable daily collateral reports. The committee retains a power to object on specific grounds, but the document does not specify whether funding may continue while an objection is pending. The framework sets no numerical aggregate lending cap or per-borrower concentration ceiling, while the November 1 dashboard provided no current borrower balances, collateral ratios or concentrations. Published figures therefore do not verify current USDe exposure, including after FalconX announced a $1 billion financing facility, which was not a confirmed outstanding loan balance.
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