Ethena's October 29 institutional-lending framework allows the trading team to approve qualifying borrowers of USDe backing assets without a separate Risk Committee vote. Borrower documents must reach the committee privately at least three business days before initial funding, and the committee retains a criterion-based power to review borrowers. The framework maintains five existing approvals but publishes neither an aggregate lending cap nor a per-borrower concentration ceiling. Dated allocation figures and an unpopulated November 1 dashboard capture do not verify current borrower balances, concentration or collateral ratios.