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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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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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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.
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 June 30th 2024, USDe supply was $3.605bn 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)
$2.072bn has been verified to be held within solutions offered by Copper as of 00:00 UTC on June 30, 2024, including unrealized P&L.
$1.501bn has been verified to be held within solutions offered by Ceffu as of 00:00 UTC on June 30, 2024. Ethena has $17.09m unrealized profit related to these assets, which is not included in the amounts attested to by Ceffu. A screenshot of the Binance Account Statement as of 00:00 UTC on June 30, 2024 is provided in this post, which demonstrates the total value of Ethena’s mirrored Binance account.
$5.11m has been verified to be held within solutions offered by Cobo as of 00:00 UTC on June 30, 2024, including unrealized P&L.
At 00:00 UTC on June 30, 2024 there was $15.34m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $45.32m 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 00:00 UTC, June 30th 2024.
In summary, as of the snapshot time:
USDe supply: 3.605bn
Copper custodied assets: $2.072bn
Ceffu custodied assets + Unrealized Profit: $1.501bn + $17.09m
Cobo custodied assets: $5.11m
Assets in mint/ redeem: $15.34m
Total backing assets: $3.610bn
Reserve Fund: $45.32m
Total including Reserve Fund % of USDe: 101.41%
Copper Attestation:
Ceffu Attestation:
Cobo 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 third 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 June 30th 2024, USDe supply was $3.605bn 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)
$2.072bn has been verified to be held within solutions offered by Copper as of 00:00 UTC on June 30, 2024, including unrealized P&L.
$1.501bn has been verified to be held within solutions offered by Ceffu as of 00:00 UTC on June 30, 2024. Ethena has $17.09m unrealized profit related to these assets, which is not included in the amounts attested to by Ceffu. A screenshot of the Binance Account Statement as of 00:00 UTC on June 30, 2024 is provided in this post, which demonstrates the total value of Ethena’s mirrored Binance account.
$5.11m has been verified to be held within solutions offered by Cobo as of 00:00 UTC on June 30, 2024, including unrealized P&L.
At 00:00 UTC on June 30, 2024 there was $15.34m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $45.32m 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 00:00 UTC, June 30th 2024.
In summary, as of the snapshot time:
USDe supply: 3.605bn
Copper custodied assets: $2.072bn
Ceffu custodied assets + Unrealized Profit: $1.501bn + $17.09m
Cobo custodied assets: $5.11m
Assets in mint/ redeem: $15.34m
Total backing assets: $3.610bn
Reserve Fund: $45.32m
Total including Reserve Fund % of USDe: 101.41%
Copper Attestation:
Ceffu Attestation:
Cobo Attestation:
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