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Ethena LabsCustodian Attestations of Assets Backing USDe: November
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 thirteenth 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....
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Season 4 HighlightsToday marks the end of Ethena Season 4 and the beginning of Season 5. Season 4 saw meaningful expansion of USDe across major venues. USDe became the fastest dollar asset to reach $10B in supply and continues to grow on the back of deeper integrations and partnerships. USDe’s adoption across DeFi grew significantly. Notably, “Aavependlethena” (where Pendle’s interest rate derivatives on USDe and sUSDe are used as collateral on Aave) grew to $6B+ in scale, reflecting USDe’s e...
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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 sixteenth 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 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 August 27th 2025, USDe supply was 12.229bn as per the Etherscan link below:
Token Rep: Neutral | Price: $0.9998 | Onchain Market Cap: $10,616,612,394.66 | Holders: 32,912 | As at Oct-24-2025 06:36:01 PM (UTC)
$3.921bn has been verified to be held within solutions offered by Copper as of 23:59 UTC August 27th 2025, including unrealized P&L.
$2.983bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC August 27th 2025.
At 23:59 UTC August 27th 2025, there was $5.277bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan links below:
Address (EOA) | Balance: $3,679,036,357.79 across 3 Chains | Transactions: 958 | As at Oct-24-2025 06:52:26 PM (UTC)
Address (EOA) | Balance: $1,497,267,916.61 across 3 Chains | Transactions: 662 | As at Oct-24-2025 07:09:24 PM (UTC)
Address (EOA) | Balance: $15.07 across 1 Chain | Transactions: 50 | As at Oct-24-2025 07:04:51 PM (UTC)
Address (EOA) | Balance: $357,950,537.76 across 1 Chain | Transactions: 518 | As at Oct-24-2025 07:09:27 PM (UTC)
At 23:59 UTC August 27th 2025, there was $66.589m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $61.763m 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 August 27th 2025.
In summary, as of the snapshot time:
USDe supply: 12.229bn
Copper custodied assets: $3.921bn
Ceffu custodied assets: $2.983bn
Coinbase Web3 Wallet assets: $5.277bn
Assets in mint/redeem: $66.589m
Total backing assets: $12.247bn
Reserve Fund: $61.763m
Total including Reserve Fund % of USDe: 100.66%
Ceffu Attestation:
Copper Attestation:
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 sixteenth 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 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 August 27th 2025, USDe supply was 12.229bn as per the Etherscan link below:
Token Rep: Neutral | Price: $0.9998 | Onchain Market Cap: $10,616,612,394.66 | Holders: 32,912 | As at Oct-24-2025 06:36:01 PM (UTC)
$3.921bn has been verified to be held within solutions offered by Copper as of 23:59 UTC August 27th 2025, including unrealized P&L.
$2.983bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC August 27th 2025.
At 23:59 UTC August 27th 2025, there was $5.277bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan links below:
Address (EOA) | Balance: $3,679,036,357.79 across 3 Chains | Transactions: 958 | As at Oct-24-2025 06:52:26 PM (UTC)
Address (EOA) | Balance: $1,497,267,916.61 across 3 Chains | Transactions: 662 | As at Oct-24-2025 07:09:24 PM (UTC)
Address (EOA) | Balance: $15.07 across 1 Chain | Transactions: 50 | As at Oct-24-2025 07:04:51 PM (UTC)
Address (EOA) | Balance: $357,950,537.76 across 1 Chain | Transactions: 518 | As at Oct-24-2025 07:09:27 PM (UTC)
At 23:59 UTC August 27th 2025, there was $66.589m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $61.763m 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 August 27th 2025.
In summary, as of the snapshot time:
USDe supply: 12.229bn
Copper custodied assets: $3.921bn
Ceffu custodied assets: $2.983bn
Coinbase Web3 Wallet assets: $5.277bn
Assets in mint/redeem: $66.589m
Total backing assets: $12.247bn
Reserve Fund: $61.763m
Total including Reserve Fund % of USDe: 100.66%
Ceffu Attestation:
Copper Attestation:
Ethena LabsCustodian Attestations of Assets Backing USDe: November
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 thirteenth 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....
Ethena LabsSeason 5 Update
Season 4 HighlightsToday marks the end of Ethena Season 4 and the beginning of Season 5. Season 4 saw meaningful expansion of USDe across major venues. USDe became the fastest dollar asset to reach $10B in supply and continues to grow on the back of deeper integrations and partnerships. USDe’s adoption across DeFi grew significantly. Notably, “Aavependlethena” (where Pendle’s interest rate derivatives on USDe and sUSDe are used as collateral on Aave) grew to $6B+ in scale, reflecting USDe’s e...
Ethena LabsENA Token Launch
The Holy Grail: Internet MoneyApril 1st marks the end of the Ethena Shard Campaign, which ran for a duration of just 6 weeks in total - one of the industry’s shortest pre-token campaigns yet. USDe supply grew to over $1.3bn today. This represents the fastest USD-denominated asset to reach >$1bn supply ever in crypto. Ethena’s USDe supply is now: >1.5x larger than the entire tokenized treasury RWA market >3x larger than the entire onchain ETH open interest for every DEX combined Higher than al...
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