Custodian Attestations of Assets Backing USDe

April 15th, 2024

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

Going forward, these 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 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. 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 April 15th today, USDe supply was $2.359bn as per the Etherscan link below:

$1.279bn has been verified to be held within solutions offered by Copper as of 10:00 UTC on April 15, 2024.

$1.066bn has been verified to be held within solutions offered by Ceffu as of 10:00 UTC on April 15, 2024.

$4.871m has been verified to be held within solutions offered by Cobo as of 10:00 UTC on April 15, 2024.

In addition, all custodians have attested to the unrealized P&L amounts.

At 10:00 UTC on April 15, 2024 there was $15.65m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $32.71m in the reserve fund.

Reserve Fund Address: 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5

Mint/Redeem Contract: 0x2CC440b721d2CaFd6D64908D6d8C4aCC57F8Afc3

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

In summary, as of the snapshot time: