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 fifteenth 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 will be shared in the Ethena governance forum.

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 July 22nd 2025, USDe supply was 6.488bn as per the Etherscan link below:

$2.01bn has been verified to be held within solutions offered by Copper as of 23:59 UTC July 22nd 2025, including unrealized P&L.

$2.12bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC July 22nd 2025.

At 23:59 UTC July 22nd 2025, there was $2.31bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan link below:

At 23:59 UTC July 22nd 2025, there was $46.67m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $61.21m 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 July 22nd 2025.

In summary, as of the snapshot time:

• USDe supply: 6.488bn

• Copper custodied assets: $2.010bn

• Ceffu custodied assets: $2.126bn

• Coinbase Web3 Wallet assets: $2.313bn

• Assets in mint/redeem: $46.670m

• Total backing assets: $6.495bn

• Reserve Fund: $61.216m

• Total including Reserve Fund % of USDe: 101.06%

Ceffu Attestation:

Copper Attestation: