Custodian Attestations of Assets Backing USDe: January
January 30th, 2025

In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our tenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions.

Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol. The monthly attestation reports can also be found in the Transparency section of the Ethena app.

The aim of these reports is to prove an independent third party assessment that all assets backing USDe sit off-exchange within institutional grade custodial solutions. It is expected that these attestations become more robust going forward, utilizing additional external parties to verify the data presented and presenting additional detail.

As of 10:00 UTC January 22nd 2025, USDe supply was 5.739bn as per the Etherscan link below:

$2.573bn has been verified to be held within solutions offered by Copper as of 10:00 UTC January 22nd 2025, including unrealized P&L.

$3.045bn has been verified to be held within solutions offered by Ceffu as of 10:00 UTC January 22nd 2025.

$5.08m has been verified to be held within solutions offered by Cobo as of 10:00 UTC January 22nd 2025, including unrealized P&L.

At 10:00 UTC January 22nd 2025, there was $0.100bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan link below:

At 10:00 UTC January 22nd 2025, there was $30.00m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $60.41m in the Reserve Fund.

Reserve Fund Address: 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5

Mint/Redeem Contract:

All custodians have confirmed that the notional backing USDe is held within Copper, Ceffu and Cobo as of 10:00 UTC, January 22nd 2025.

In summary, as of the snapshot time:

  • USDe supply: 5.739bn

  • Copper custodied assets: $2.573bn

  • Ceffu custodied assets: $3.045bn

  • Cobo custodied assets: $5.08m

  • Coinbase Web3 Wallet assets: $0.100bn

  • Assets in mint/redeem: $30.00m

  • Total backing assets: $5.753bn

  • Reserve Fund: $60.41m

  • Total including Reserve Fund % of USDe: 101.30%

Ceffu Attestation:

Copper Attestation:

Cobo Attestation:

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