# Custodian Attestations of Assets Backing USDe: November

By [Ethena Labs](https://paragraph.com/@ethena-labs) · 2025-11-01

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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](https://app.ethena.fi/dashboards/positions) 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](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/0x2d4d2a025b10c09bdbd794b4fce4f7ea8c7d7bb4)

[https://etherscan.io/address/0xb8734a14fbd4aa2d44e6aa830405ffc861ba313c](https://etherscan.io/address/0xb8734a14fbd4aa2d44e6aa830405ffc861ba313c)  

[https://etherscan.io/address/0x1c3b25019ed4e4876e7af7903cc3e1e23287c337](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](https://debank.com/profile/0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5)

Mint/Redeem Contract: [0xe3490297a08d6fC8Da46Edb7B6142E4F461b62D3](https://etherscan.io/address/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:**

![](https://storage.googleapis.com/papyrus_images/0afdde626663b96538fb8d75cbd0a91d4affb7f6c5f8b02b91e8803acd87e97c.png)

![](https://storage.googleapis.com/papyrus_images/b64e99c9d08df72d93c1227778be856c120adaa8da061f75b7700642b7841ebb.png)

**Copper Attestation:**

![](https://storage.googleapis.com/papyrus_images/327573ac03167440aa618dec7c587cdc62a686fc5dd5b6780d0d55d255ab2c19.png)

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*Originally published on [Ethena Labs](https://paragraph.com/@ethena-labs/custodian-attestations-of-assets-backing-usde-november-1)*