Custodian Attestations of Assets Backing USDe: August

August 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 fifth 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 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 00:00 UTC August 10th 2024, USDe supply was 3.114bn as per the Etherscan link below:

$1.380bn has been verified to be held within solutions offered by Copper as of 00:00 UTC August 10th 2024, including unrealized P&L.

$1.706bn has been verified to be held within solutions offered by Ceffu as of 00:00 UTC August 10th 2024.

$3.96m has been verified to be held within solutions offered by Cobo as of 00:00 UTC August 10th 2024, including unrealized P&L.

At 00:00 UTC on August 10, 2024 there was $29.63m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $46.55m 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, Ceffu and Cobo as of 00:00 UTC, August 10th 2024.

In summary, as of the snapshot time: