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

On 18th September 2024, we experienced a security incident where a malicious actor briefly gained access to our domain registrar account for ethena.fi. Despite the domain registrar account being secured with a username, a password managed through a secure password manager, and TOTP two-factor authentication, the attacker was able to change the admin email address without authorization, gain access to the account, and temporarily host a phishing website on our domain. Our automated detection systems alerted us of the account access and nameserver change within minutes, and our incident response team acted swiftly to contain the breach. We worked closely with industry partners to block malicious traffic, lock down the domain registrar account, and take down the malicious website within 2 hours.

We are excited to announce the planned launch of a new stablecoin, UStb, which intends to invest its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, the leader in the tokenization of real-world assets.

We are excited to share that Ethena has partnered with EigenLayer and Ether.fi to introduce USDe as the first dollar-denominated token that can be used as security within its generalized shared security platform. To provision this utility, Ethena has chosen ether.fi as our restaking partner to grow the adoption of stable cryptoeconomic security. The integration is expected to go live next week.

September 2nd marks the end of Season 2. Since the beginning of Season 2, USDe has grown from a supply of ~1.3b to just under 3.0b, and was the fastest USD-pegged asset to reach 3.0b in crypto history.

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.

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

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

Today marks an important step forward in more closely aligning the growth and use of USDe with $ENA. Ethena will begin to gradually introduce more functional utility for $ENA within the Ethena ecosystem, starting with the launch of a generalized staking capability for $ENA.