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.

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 23:59 UTC November 26th 2025, USDe supply was 7.286bn as per the Etherscan link below:
https://etherscan.io/token/0x4c9edd5852cd905f086c759e8383e09bff1e68b3

$2.672bn has been verified to be held within solutions offered by Copper as of 23:59 UTC November 26th 2025, including unrealized P&L.

$1.989bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC November 26th 2025.

A screenshot of the Binance Account Statement as of 23:59 UTC November 26th 2025 is provided in this post, which demonstrates the total value of Ethena’s mirrored Binance account. Differences in the values between Ceffu & Binance result from unrealized pnl on derivatives positions, spot trades, funding income, and fees pending daily settlement.

At 23:59 UTC November 26th 2025, there was $2.540bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan link below:

https://etherscan.io/address/0x2d4d2a025b10c09bdbd794b4fce4f7ea8c7d7bb4

https://etherscan.io/address/0xb8734a14fbd4aa2d44e6aa830405ffc861ba313c  

https://etherscan.io/address/0x1c3b25019ed4e4876e7af7903cc3e1e23287c337 

At 23:59 UTC November 26th 2025, there was $94.711m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $62.084m 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 November 26th 2025.

In summary, as of the snapshot time:

• USDe supply: 7.286bn

• Copper custodied assets: $2.672bn

• Ceffu custodied assets + unsettled balances: $1.989bn

• Coinbase Web3 Wallet assets: $2.540bn

• Assets in mint/redeem: $94.711m

• Total backing assets: $7.297bn

• Reserve Fund: $62.084m

• Total including Reserve Fund % of USDe: 101.00%

Ceffu Attestation:

Copper Attestation: