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 thirteenth 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 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 23:59 UTC April 26th 2025, USDe supply was 4.765bn as per the Etherscan link below:

$0.663bn has been verified to be held within solutions offered by Copper as of 23:59 UTC April 26th 2025, including unrealized P&L.

$0.895bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC April 26th 2025. A screenshot of the Binance Account Statement as of 23:59 UTC April 26th 2025 is provided in this post, which demonstrates the total value of Ethena’s mirrored Binance account. Differences in the values between Ceffu & Binance result from unrealized pnl on derivatives positions, spot trades, funding income, and fees pending daily settlement.

At 23:59 UTC April 26th 2025, there was $3.120bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan link below:

At 23:59 UTC April 26th 2025, there was $44.695m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $60.95m in the Reserve Fund.

Reserve Fund Address: 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5

Mint/Redeem Contract: 0xe3490297a08d6fC8Da46Edb7B6142E4F461b62D3

All custodians have confirmed that the notional backing USDe is held within Copper and Ceffu of 23:59 UTC April 26th 2025.

In summary, as of the snapshot time:

• USDe supply: 4.765bn

• Copper custodied assets: $0.663bn

• Ceffu custodied assets + unrealized PnL: 0.939bn

• Coinbase Web3 Wallet assets: $3.120bn

• Assets in mint/redeem: $44.695m

• Total backing assets: $5.248bn

• Reserve Fund: $60.95m

• Total including Reserve Fund % of USDe: 101.31%

Ceffu:

Binance Account Statement Screenshot:

Copper: