OKX CEO Star has clarified that USDe should not be considered a stablecoin pegged to the US dollar, but rather a tokenized hedge fund. In a statement on the X platform, Star emphasized that USDe employs low-risk strategies like delta-neutral basis trades and money market investments, yet it carries inherent risks such as auto-deleveraging events and security breaches. Star warned that labeling USDe as a stablecoin or describing market volatility as 'depegging' is misleading, as tokenized hedge funds are not designed to maintain a strict dollar peg. He advised exchanges to implement robust risk controls if they include USDe in their collateral frameworks, cautioning that mischaracterizing it as a stable asset could pose systemic risks to the crypto industry.