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 fourteenth attestation report from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions.

Attestation reports are 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 are available in Ethena’s Transparency dashboard.

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.

As of 23:59 UTC May 25th 2025, USDe supply was 5.213bn as per the Etherscan link below:

$1.357bn has been verified to be held within solutions offered by Copper as of 23:59 UTC May 25th 2025, including unrealized P&L.

$1.511bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC May 25th 2025.

At 23:59 UTC May 25th 2025, there was $2.303bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan link below: https://etherscan.io/address/0x2d4d2a025b10c09bdbd794b4fce4f7ea8c7d7bb4

At 23:59 UTC May 25th 2025, there was $42.144m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $61.07m 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 May 25th 2025.

In summary, as of the snapshot time:

• USDe supply: 5.213bn

• Copper custodied assets: $1.357bn

• Ceffu custodied assets: $1.511bn

• Coinbase Web3 Wallet assets: $2.303bn

• Assets in mint/redeem: $42.144m

• Total backing assets: $5.213bn

• Reserve Fund: $61.07m

• Total including Reserve Fund % of USDe: 101.17%

Ceffu Attestation:

Copper Attestation: