OKX CEO: USDe should not be considered a stablecoin, it is a tokenized hedge fund

OKX CEO Star wrote on the X platform: "USDe should not be viewed as a stablecoin pegged 1:1 to the US dollar – it is a tokenized hedge fund. These funds often employ relatively low-risk strategies, such as delta-neutral basis trades or money market investments, but they still carry inherent risks – including auto-deleveraging (ADL) events, exchange-related incidents, and custodian security breaches. Calling USDe a 'stablecoin' or describing the recent market volatility as 'depegging' is inaccurate. Tokenized hedge funds were not designed to maintain a strict peg to the US dollar. If any exchange decides to include USDe in its collateral framework, it must implement strong and dynamic risk mitigation controls. Simply treating USDe as a 1:1 stable asset could pose systemic risks to the entire crypto industry in the future."