Ethena's institutional lending framework of October 29 allows the trading team to approve borrowers who meet the criteria for obtaining assets backing USDe, without a separate Risk Committee vote. Borrower documents must be submitted confidentially to the committee at least three business days before initial funding, and the committee retains the authority to review borrowers against defined criteria. The framework maintains five existing approvals but sets neither an overall lending cap nor a borrower concentration limit. Dated allocation figures and a dashboard screenshot from November 1 with no data entered do not make it possible to verify current borrower balances, concentration, or collateral ratios.